Robinson PLC
("Robinson")
Completion of the acquisition of Madrox
Robinson is pleased to announce completion of the acquisition of MADROX Spółka Jawna, a Polish based manufacturer of plastic packaging, details of which were announced on 14 February 2014. The total consideration, which includes an earnout element payable in 2016, is estimated at £13.2m. The level of the earnout is dependent upon performance of the Madrox business prior to the payment of the earnout. The initial cash element of £10.6m has been funded from cash reserves and property backed bank debt (including £3.5m of new debt, denominated in PLN, repayable over 4 years at WIBOR plus 1.4%).
The audited Madrox accounts for the year ended 31 December 2013 reported sales of £9.8m and a profit before tax of £2.2m. Net assets were £5.1m.
Commenting on the acquisition Richard Clothier, Chairman of Robinson, said:
"The 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 |
