Promens (Reykjavik / Iceland; www.promens.com) has won the competition to purchase the injection moulding and blow moulding group Polimoon (Oslo / Norway; www.polimoon.com), beating off the bid of private equity company CapMan (Helsinki / Finland; www.capman.com) (see Plasteurope.com Web of 15.11.2006). Shareholders representing 99.85% of Polimoon´s stock voted on 15 December 2006 to accept the NKR 1.35 bn (EUR 166m) offer from Promens takeover vehicle Star Acquisition. Promens said it will allow Polimoon to operate independently and continue its current corporate strategy. Arne Vraalsen will remain as the company´s CEO.

To finance the purchase, Promens – which claims to be the world´s largest rotational moulding group – has leveraged not only its parent company Atorka (Reykjavik / Iceland; www.atorka.net), but also the Landesbanki Islands bank and the largest Norwegian financial services group DnB NOR. The finance group additionally will grant an extendable revolver loan that can be used for further acquisitions.

As a result of the acquisition, Promens will become one of Iceland´s largest industrial groups. With the deal, it will increase the number of sites from 20 to 60 worldwide and its workforce from 1,400 to around 5,400. According to provisional figures, group sales in 2006 totalled EUR 720m, with the consolidation of Polimoon adding EUR 570m to the tally.