Promens sells US assets

Promens hf. has sold its rotational molding assets in the United States to a portfolio company of Olympus Partners, a Stamford, Connecticut-based private equity firm.

The transaction includes 6 operations located in Elkhart, Middlebury and South Bend, IN; West Chicago, IL; Littleton, CO and Ridgefield WA.

Promens will keep the St. John, Canada business and continue to be a world leader in the Insulated Tub market.

The sale of the of the US assets is a part of a strategic move towards an increased Group focus on the larger and more dominant European part of the business except for some niche markets where global presence will be continued.

After the sale of its US business, Promens operates 49 factories in 20 countries.