One51 adding injection molder Straight to its bin molding portfolio

PRW

Published: July 29, 2014 10:12 am ET
Updated: July 29, 2014 10:32 am ET

Image By: Straight plc In addition to wheeled bins for trash and recycling, Straight plc injection molds home composting units.

Related to this story

Topics Public Policy, Mergers & Acquisitions, Injection Molding, Europe

Dublin-based One51 plc has had its purchase of British trash bin maker Straight plc cleared by the United Kingdom’s Competition and Markets Authority.

Once the deal has been finalized, Jonathan Straight, Straight’s chief executive, will step down but will be retained on an 18-month contract as a consultant. The deal is valued at 10.7 million British pounds ($18.2 million).

Explaining the reasons for the Straight acquisition, One51 noted: “Having established itself as a leading player in the U.K. wheeled bin market via its subsidiary which traded as MGB Plastics, One51 wants to build upon this success by undertaking complementary strategic acquisitions in the UK.

“One51 believes that an acquisition of Straight would be a good strategic fit in this regard. In particular, a combination of MGB Plastics and Straight would create a leading specialist injection molding group in the U.K.”

One51’s plastics group includes MGB, an injection molder of trash and recycling bins in Rotherham, England, as well as structural foam maker AAC of Tamworth, England, and injection molders Protech Performance Plastics of Cork, Ireland, and Thomac Engineering of Shannon, Ireland.

Straight faced some tough times in recent years but its 2013 results showed an increase in earnings before tax to 2 million pounds ($3.38 million) compared to 750,000 pounds ($1.27 million) for 2012.

The Leeds, England-based company molds trash and recycling bins as well as home composting containers.

Commenting on the deal, Alan Walsh, chief executive of One51, said: “The board of One51 Group looks forward to the integration of Straight within its existing plastics division. We aim to support Straight in its growth plans by providing the security of a strong balance sheet and continuing to innovate the business model through investment in technology and machinery.

“The combination of One51 and Straight is an exciting opportunity as it adds considerable breadth, depth and scale to One51’s existing offerings, creating a leading specialist injection molding group in the U.K. which can then grow into other European markets,” added Walsh.

“This acquisition will also drive growth for the enlarged group driving further value to our shareholders.”


Comments

One51 adding injection molder Straight to its bin molding portfolio

PRW

Published: July 29, 2014 10:12 am ET
Updated: July 29, 2014 10:32 am ET

Post Your Comments


Back to story


More stories

Image

Deal puts Convergence Packaging under Comar's umbrella

October 24, 2014 2:00 pm ET

Convergence Packaging Holdings LLC, itself a product of mergers, now is joining together with Comar LLC.    More

Image

Akro-Plastic buying German subsidiary from Metabolix

October 24, 2014 3:32 pm ET

Akro-Plastic GmbH, a Niederzissen, Germany-based plastic compounder, has purchased the assets of Metabolix Inc.'s subsidiary in Germany.    More

Image

Automation firms join forces, look to automotive for future growth

October 24, 2014 2:43 pm ET

Hoping to ease the way for automation in some specialized areas of automotive plastics like laser cutting of door panels, a German robot maker and an ...    More

Image

Gerresheimer opens first development center in China

October 24, 2014 1:34 pm ET

Medical molder Gerresheimer AG has launched a development center for medical plastic systems in Dongguan, China.    More

Image

German export sales strong, push for energy savings continues

October 24, 2014 12:34 pm ET

Germany is the engine that drives the European economy — and when it comes to the plastics industry, German machinery is a potent force, an expo...    More

Market Reports

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 million dollar plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events