BRITISH POLYTHENE INDUSTRIES
Three more PE film businesses acquired / Half year interim results lifted
It seems not a week goes by without British Polythene Industries (BPI, 96 Port Glasgow Road, GB-Greenock PA15 2RP) buying up yet another UK polyethylene film company. In the past month the company has bought three further film businesses for a total cost of GBP 6.45m, representing over 16,000 t/y of polyethylene consumption.
First to join the BPI fold in its latest spending spree was the Jefferson Smurfit businesses of Swains Packaging (Brook Road, Buckhurst Hill, GB-Essex IG9 5TU) and Smurfit Packaging Products (SPP, New Fairfield Works, Bolton Street, Radcliffe, GB-Manchester M26 3SR) for รบ2.5m. Swains will be part of BPI's Industrial Division. The company presently extrudes, prints and converts a wide range of polythene products. The SPP business will join the Retail Division as it manufactures various bags for the food processing and retail trade, and also converts speciality products for the bakery and dry cleaning industries. Annual turnover from these operations in 1995 was GBP 10m. In addition, BPI and Smurfit have formed a joint venture company to acquire Smurfit's Paclene (Gort Road, Ennis, IRL-Co. Clare) carrier bag operation in Ireland.
At the beginning of September came the announcement that it has acquired Sidlaw Packaging-HPC (30 Commerce Road, Brentford, GB-Middlesex TW8 8LE) from the Sidlaw Group (Nethergate Centre, GB-Dundee DD1 4BR) for an initial consideration of GBP 2.2m plus an amount for stock on completion as at 30th August 1996. The acquisition did not come as a great surprise as Sidlaw's packaging division has been suffering from poor results. The businesses acquired by BPI are based in Brentford, Birmingham and Bicester. All these businesses will go into the Industrial Division as the main area of activity is in the manufacture and sale of polythene bags and disposable aprons for hospitals. The acquisition will also give the group a further 3,000 t of recycling capacity based at Bicester. BPI now have significant and under-utilised recycling capacity from which the company is hoping to benefit once the new UK Packaging Directive comes into force.
Finally, BPI recently announced the acquisition of Riverside Trading Ltd (River House, Fieldhouse Industrial Estate, Fieldhouse Road, GB-Rochdale OL12 0AA) for GBP 1.75m. This private company was being sold by its owners because of retirement. For the year ending 31/03/96 it had a turnover of GBP 5.2m with an operating profit of GBP 263,229. The company is specialised in the manufacture of polyethylene film and damp proof course (DPC) membranes sold through builders merchants.
Acquisitions helped lift BPI's six-month interim results 1996 to nearly GBP 200m, with a 29% improvement in operating profits to GBP 17.6m compared to the first half of 1995.
READER SERVICE: Press release with interim results for half year to 30.6.96 (English): PIE-No. 39855.
First to join the BPI fold in its latest spending spree was the Jefferson Smurfit businesses of Swains Packaging (Brook Road, Buckhurst Hill, GB-Essex IG9 5TU) and Smurfit Packaging Products (SPP, New Fairfield Works, Bolton Street, Radcliffe, GB-Manchester M26 3SR) for รบ2.5m. Swains will be part of BPI's Industrial Division. The company presently extrudes, prints and converts a wide range of polythene products. The SPP business will join the Retail Division as it manufactures various bags for the food processing and retail trade, and also converts speciality products for the bakery and dry cleaning industries. Annual turnover from these operations in 1995 was GBP 10m. In addition, BPI and Smurfit have formed a joint venture company to acquire Smurfit's Paclene (Gort Road, Ennis, IRL-Co. Clare) carrier bag operation in Ireland.
At the beginning of September came the announcement that it has acquired Sidlaw Packaging-HPC (30 Commerce Road, Brentford, GB-Middlesex TW8 8LE) from the Sidlaw Group (Nethergate Centre, GB-Dundee DD1 4BR) for an initial consideration of GBP 2.2m plus an amount for stock on completion as at 30th August 1996. The acquisition did not come as a great surprise as Sidlaw's packaging division has been suffering from poor results. The businesses acquired by BPI are based in Brentford, Birmingham and Bicester. All these businesses will go into the Industrial Division as the main area of activity is in the manufacture and sale of polythene bags and disposable aprons for hospitals. The acquisition will also give the group a further 3,000 t of recycling capacity based at Bicester. BPI now have significant and under-utilised recycling capacity from which the company is hoping to benefit once the new UK Packaging Directive comes into force.
Finally, BPI recently announced the acquisition of Riverside Trading Ltd (River House, Fieldhouse Industrial Estate, Fieldhouse Road, GB-Rochdale OL12 0AA) for GBP 1.75m. This private company was being sold by its owners because of retirement. For the year ending 31/03/96 it had a turnover of GBP 5.2m with an operating profit of GBP 263,229. The company is specialised in the manufacture of polyethylene film and damp proof course (DPC) membranes sold through builders merchants.
Acquisitions helped lift BPI's six-month interim results 1996 to nearly GBP 200m, with a 29% improvement in operating profits to GBP 17.6m compared to the first half of 1995.
READER SERVICE: Press release with interim results for half year to 30.6.96 (English): PIE-No. 39855.
30.09.1996 Plasteurope.com [19820]
Published on 30.09.1996