Packaging specialist IPL Plastics (St-Damien, Québec / Canada; www.iplpgroup.com) has signed an agreement to acquire Belgium-based injection moulder Loomans (Loomel; www.loomansgroup.com) for USD 86m (EUR 75m). The Canadian firm said the move would boost its presence in new areas, including the cosmetic, personal care and beverage sectors.

Loomans comprises one segment that builds high-end injection moulds and another that produces large volumes of injection-moulded plastic parts via an injection moulding operation. IPL said it had been tracking Loomans since 2015, and the company would be integrated into its consumer packaging solutions business in Europe.

According to the Canadian packaging specialist, Loomans reported an adjusted EBITDA of USD 11m in 2018 on revenues of USD 57m. IPL’s revenues for 2018 rose by 23% to USD 658m in 2018, while its annual adjusted EBITDA dipped 3% to USD 78m. The company said the decline in EBITDA was partly due to higher input prices, in particular higher resin prices.

IPL generated revenue of USD 658m in fiscal 2018, up 23% over the previous year. Adjusted EBITDA was down 3% at USD 78m, with net income at just USD 1.8m against USD 22.7m in 2017. As a result, restructuring initiatives were implemented towards the end of 2018. The company says the negative trend is due to increased prices for plastic resins as well as higher costs for freight, logistics and labour.

The Canadian group has European headquarters in Dublin / Ireland, which operates three plants in the UK – in Rotherham, Hull and Tamworth. Its plants produce injection-moulded industrial packaging. IPL also has development sites in Ireland.