Iceland is reclaiming its status as home to a global rotomolding business.
The island nation was once home to Promens Group AS, which at one point was the world's largest rotomolding company. But when Promens was purchased by packaging company RPC in 2014, which was then purchased in turn by Berry Global Group Inc., it lost that minor claim to fame. (Google "Iceland" and "plastics" and you'll end up with a lot of links to a United Kingdom grocery store chain.)
But now a newly formed group, Rotovia, owned by Icelandic private equity funds Freyja and SÍA IV and key management of the rotomolding plastics operations, has purchaed those rotomolding assets.
"It's great to see the ownership of the business coming back to Iceland where a significant part of the business and top management is located," CEO Daði Valdimarsson told Plastics News' Sarah Kominek.
With an expected $143 million in annual sales, Rotovia will no longer be the world's largest rotomolder. Tank Holding Corp., which has been buying and consolidating rotomolding operations, now has more than $400 million in annual sales.