Polimoon Group Ltd. of Oslo, Norway, is preparing for an initial public offering to raise capital, and has acquired Italy's Ciplast srl.
Polimoon, which uses injection, blow and rotational molding to produce consumer, medical and automotive products, has been accepted for a listing on the Oslo stock exchange.
``A stock exchange listing is a natural next step for the Polimoon Group. Access to a regulated and efficient market enables us to pursue our strategy of building a European network to support our customers,'' President and Chief Executive Officer Arne Vraalsen said in a news release.
Meantime, Polimoon announced March 15 that it has gained a manufacturing base in Italy with its acquisition of Ciplast, a producer of medical, consumer and chemical plastics packaging based near Florence, Italy. Its customers include international manufacturers such as Johnson & Johnson, Abbott and L'Oreal. Ciplast posted 2004 sales of 6 million euros ($7.5 million).
Since 1999, when Polimoon was formed from a management buyout of Dyno's Dynoplast molding division backed by private equity firm CVC Capital Partners, Polimoon has reorganized by selling or closing nine plants and acquiring 12 new ones.
More recently, group sales have doubled and profitability has risen thanks to better productivity, cost cutting and improved capacity use, according to Polimoon. In 2004, packaging division sales soared 44 percent to 1.6 billion Norwegian krona ($260 million) helped largely by its acquisition in 2003 of consumer packaging injection and blow molder Fibrenyle of Beccles, England, from Alcan Inc.
Polimoon's automotive operations recorded a 14 percent rise in annual sales last year to NOK 777 million ($126 million). The group closed a molding plant at Soderkoping, Sweden, and opened a low-cost facility in RÃ´ngu, Estonia.
Polimoon employs about 2,000 at 20 sites across Europe.