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(Alliance News) - Robinson PLC on Thursday said it has acquired Danish designer and manufacturer of blow moulded containers Schela Plast AS for up to DKK65.0 million, around GBP7.7 million.
The Chesterfield, England-based plastic and paperboard packaging manufacturer said the acquisition - which is expected to be immediately earnings-enhancing - will expand its geographic reach and creates sales growth opportunities with new and existing customers.
"Schela Plast is a strong complementary fit to our existing products and services, customers and manufacturing locations. Their location and capabilities, together with our planned investment in additional equipment, generates areas for growth with key customers in the market sectors we and Schela Plast serve," said Robinson Chief Executive Alan Raleigh.
For 2020, Broerup, Denmark-based Schela Plast recorded revenue of DKK76.1 million - around GBP9.1 million - up from DKK59.6 million in 2019 and Ebitda of DKK13.4 million, up from DKK6.4 million. Pretax profit for 2020 is expected to be DKK7.3 million.
The business is being acquired with estimated net assets of DKK21.1 million including net debt of DKK 27.8 million.
Robinson noted Schela Plast has a "healthy pipeline" of new FMCG business which requires further capital investment and it therefore intends to invest around GBP2.4 million for new plant and equipment in Denmark in 2021 in order to facilitate future growth.
Shares in Robinson were trading 3.0% lower at 150.38 pence each on Thursday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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