At the end of August 2011, a new man took over at the helm of Europe’s largest rotational moulder Promens (Reykjavik / Iceland; www.promens.com). Jakob Sigurdsson assumed the post after erstwhile CEO Ragnhildur Geirsdottir switched to the company’s board.

The leadership change comes on the heels of the plastics processor having been sold by former owner Atorka (Reykjavik / Iceland; www.atorka.com) to Horn Investment, an arm of Icelandic national bank Landsbanki (Reykjavik; www.landsbanki.is). Shortly after the sale, Horn divested 40% of the shares in Promens to the fellow state-owned Enterprise Investment Fund. Whereas Horn now holds 59% of the shares, the remainder is in the hands of company management.

Promens, which manufactures packaging for foodstuffs, cosmetics and pharmaceutical applications as well as rotational moulded products, generated sales of EUR 584m and profits of EUR 11.7m in 2010. The group’s 4,200 employees are spread across 45 plants throughout the world.