19 December 2006 – Promens, a subsidiary of Atorka, the Icelandic investment group, has acquired Polimoon, the Oslo-based plastics packaging group.
A price per share of NOK35 (€4.3) gave Polimoon a fully diluted equity value of NOK1351m (€166m). In a press release, Atorka said Polimoon’s enterprise value is around €298m.
The deal, which is scheduled to close 28 December, will make Promens one of the largest industrial companies in Iceland. Polimoon operates 40 plants around the world (Promens runs 20), and has an expected EBITA of €57m for 2006 from a turnover of €570.
Promens, which has an expected 2006 turnover of €150m, entered into the bidding for the Norwegian group following an initial offer made by CapMan of NOK27.50 per share (see PRW.com 20 October).
Promens’ ceo Ragnhildur Geirsdóttir said: “Through the acquisition of Polimoon we will be able to create a leading plastic company and the combined entity will have substantial opportunities for further growth, both in current and new markets.”
Arne Vraalsen will continue to serve as Polimoon’s ceo after the acquisition, Atorka’s statement said.
