Polimoon Bjørkelangen sold to Xano

Press release XANO:

XANO acquires rotational moulding business in Norway.

XANO has today signed an agreement regarding the acquisition of Polimoon’s rotational moulding operations in Bjørkelangen, Norway.

Polimoon Bjørkelangen, with 70 employees, designs, develops and manufactures plastic products by rotational moulding technology. Primary product segments are boats, with trademarks like Pioner and Steady, details for the automotive industry and buoyancy. Sales are approx. NOK 70 million with an EBITDA of approx. NOK 10 million.

The purchase sum for the operations, including property, machinery and equipment, stock, trademarks and goodwill, amounts to NOK 65 million and is paid in cash. The operations, which will adopt the name Cipax, will be consolidated in the XANO Group as of 1 December 2006.

Polimoon ASA, since 2005 listed on the Oslo Stock Exchange, is one of Europe’s leading manufacturers of components for the automotive industry and packaging in rigid plastics. Polimoon operates in 16 European countries with close to 40 production facilities and a total of 4,000 employees. The production in Bjørkelangen is not part of Polimoon’s core business, why the management has chosen to sell the operations.

The XANO Group includes since before the rotational moulding company Örnplast, with manufacturing facilities in Sweden and Estonia, which during the last few years has shown a very positive progress. The synergy of the acquisition of the Norwegian business is expected to be significant and contribute to a continuous strong expansion within selected market segments.