PROCAP
Acquisition of two caps and closures rivals / Increased emphasis on carton packaging market
Caps and closures manufacturer Procap (Wiltz / Luxembourg; www.procap.com) has acquired two of its competitors: Macfarlane Plastics (Newtownmountkennedy, Wicklow / Ireland), part of the Macfarlane Group (Glasgow / Scotland; www.macfarlanegroup.net), and Elocap Lux (Rodange / Luxembourg), which was owned by Elocap (Kibbutz Yakum / Israel; www.elocap.com).
Procap paid GBP 1.7m (EUR 1.9m) in cash for Macfarlane Plastics, which made an operating loss of GBP 0.1m on a turnover of GBP 6.0m in 2007. The business, with gross assets of GBP 5m, had been for sale since early 2008 as part of the Macfarlane strategy to focus on packaging distribution and manufacture of labels and transit packaging. The disposal will produce a realised loss of GBP 1.2m in the financial year to 31 December 2008. Macfarlane Plastics has 28 injection moulding machines and a staff of 38. It produces closures and dispensers for the FMCG sector, primarily for powdered products such as baby foods, and had sales in 2008 of EUR 9m. Macfarlane Group, employing 750 on 22 sites, had a 2007 turnover of GBP 120m.
The purchase price paid for Elocap Lux has not been disclosed. It started manufacture in late 2006 of caps for carton packaging, a market where Procap does not have a large presence but where it sees good growth prospects. Turnover in 2008 was EUR 5m, with 18 staff. Parent company Elocap is a 50:50 joint venture between Elopak (Spikkestad / Norway; www.elopak.com) and Kibbutz Yakum. The acquisition by Procap includes a manufacture and supply contract to Elopak for its carton packaging operations.
Privately-owned Procap now has two production plants in Luxembourg, with other factories in Belgium, France, Hungary and Spain, plus the Macfarlane facility in Ireland. Total turnover in 2008 was EUR 90m and it employs 375 people. Procap produces a large range of caps and closures for the food, chemical, pharmaceutical and cosmetic industries. It said the acquisitions are part of the necessary restructuring of Europe’s plastic caps and closures market.
Procap paid GBP 1.7m (EUR 1.9m) in cash for Macfarlane Plastics, which made an operating loss of GBP 0.1m on a turnover of GBP 6.0m in 2007. The business, with gross assets of GBP 5m, had been for sale since early 2008 as part of the Macfarlane strategy to focus on packaging distribution and manufacture of labels and transit packaging. The disposal will produce a realised loss of GBP 1.2m in the financial year to 31 December 2008. Macfarlane Plastics has 28 injection moulding machines and a staff of 38. It produces closures and dispensers for the FMCG sector, primarily for powdered products such as baby foods, and had sales in 2008 of EUR 9m. Macfarlane Group, employing 750 on 22 sites, had a 2007 turnover of GBP 120m.
The purchase price paid for Elocap Lux has not been disclosed. It started manufacture in late 2006 of caps for carton packaging, a market where Procap does not have a large presence but where it sees good growth prospects. Turnover in 2008 was EUR 5m, with 18 staff. Parent company Elocap is a 50:50 joint venture between Elopak (Spikkestad / Norway; www.elopak.com) and Kibbutz Yakum. The acquisition by Procap includes a manufacture and supply contract to Elopak for its carton packaging operations.
Privately-owned Procap now has two production plants in Luxembourg, with other factories in Belgium, France, Hungary and Spain, plus the Macfarlane facility in Ireland. Total turnover in 2008 was EUR 90m and it employs 375 people. Procap produces a large range of caps and closures for the food, chemical, pharmaceutical and cosmetic industries. It said the acquisitions are part of the necessary restructuring of Europe’s plastic caps and closures market.
22.01.2009 Plasteurope.com [212585]
Published on 22.01.2009
German version of this article...