Robinson PLC Proposed Acquisition (1288A)
February 14 2014 - 7:04AM
UK Regulatory
TIDMRBN
RNS Number : 1288A
Robinson PLC
14 February 2014
Robinson PLC
("Robinson" or the Company")
Proposed acquisition of Madrox
Robinson is pleased to announce that it has conditionally
entered into an agreement to acquire the entire issued share
capital of MADROX Spó ka Jawna, a Polish based manufacturer of
plastic packaging, for a consideration of GBP13.2m. The initial
cash element of GBP10.6m will be funded from cash reserves and
property backed bank debt.
Robinson's stated strategy is to expand its business in Central
Europe and increase its turnover through the acquisition of
companies that increases its relevance to its customers. Madrox is
based in Warsaw and is a supplier of blow, stretch-blow and
injection moulded plastic packaging primarily to major brands and
private label businesses operating in the household, toiletries and
cosmetics sectors in Central Europe. Madrox's accounts for the year
ended 31 December 2012 reported profit before tax of GBP2.0m on a
turnover of GBP9.2m.
Subject to certain conditions, Robinson will acquire Madrox for
an initial consideration of approximately GBP10.6m in cash with a
further consideration, estimated at GBP2.6m, dependent on Madrox's
performance in 2015. The acquisition is expected to complete in May
2014. If Robinson decide not to proceed with this transaction, a
penalty fee of GBP0.6m is payable.
Madrox
Madrox was established in 1993 as a civil partnership and is
recognised as a leading supplier of plastic packaging in Poland.
Madrox operates from manufacturing premises in in Stojad a near
Mińsk Mazowiecki, Warsaw, employing around 55 people.
Madrox revenues have been growing at a rate of over 10% per
annum during the last three years. Its production halls are
equipped with modern injection moulding machines, blow moulding
machines and injection-blow moulding machines. They design and
produce bottles, canisters, jars, caps and other injection moulded
parts. They provide individual packaging designs for their
customers.
The net assets to be acquired are expected to be GBP5.1m.
Commenting on the acquisition Richard Clothier, Chairman of
Robinson, said:
"The proposed acquisition of Madrox is fully in line with our
strategy to expand in Central Europe partly through selective
acquisition of local plastic packaging manufacturers who supply the
strong brand owners and leading private labels in our sectors. It
will allow us to take a more prominent position in the growing
plastic packaging markets in this region."
For more information please contact:
Robinson plc
Guy Robinson, Finance Director Tel: 01246 389283
www.robinsonpackaging.com
WH Ireland Limited
Katy Mitchell Tel: 0161 832 2174
This information is provided by RNS
The company news service from the London Stock Exchange
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