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2008-01-28 Manufacturing
News
XANO to sell plastics injection moulding businesses XANO signs letter of intent with GP to sell the plastics injection moulding and assembly ops active in the automotive and medical device applications area.
XANO Industri AB today has signed a Letter of intent with GP Forvaltnings AB, a wholly-owned subsidiary of Nordstjernan Investment AB. XANO and GP will jointly examine the conditions to effect a transaction where GP acquires a number of XANO’s companies in the injection moulding of plastics Industry business area. These companies are Bladhs Plast Bredaryd AB, Bladhs Plast Gislaved AB, Bladhs Eesti AS, Inmedic AB and Inmedic AS with total net sales of SEK 250 million in 2007. The companies in question work with injection moulding and assembly of plastics details and systems mainly for cars and medical device applications. GP’s business involves injection moulding of plastics details mainly for provisions applications and medical devices. GP Plastindustri manufactures injection moulded plastic components, including closures for the food industry and special components for the pharmaceuticals industry. The company has production facilities in Gislaved and since 2004 also in Dresden, Germany. GP Plastindustri is a private company owned by Nordstjernan. GP will carry out a due diligence procedure in February. Provided that the acquisition process runs according to plan, a purchase agreement is expected to be signed in mid-March. The sale is part of XANO’s work at isolating the Group’s business and building strong units of companies where synergies are utilised in the best possible way. A realisation of the transaction leads to a capital contribution that creates conditions for further strategic acquisitions for XANO. An acquisition of the companies in question fits well into GP’s strategy to grow in the area of injection moulding of plastics. Through this transaction, a strong group of companies with good development possibilities will be formed. Xano has various operations within their Industry group involved in other aspects of plastics that are not effected by this offering. Most recently, XANO Industri AB acquired Eslov Mekaniska Verkstad on 2007-12-12 and Rotosplast in Estonia on 2007-11-06. Eslov Mekaniska Verkstad AB (EMEK) is a subcontractor to the engineering industry with cutting machining mainly in stainless steel as specialty. Rotosplast (ROTOS) is involved in plastics rotational moulding components and systems market. Nordstjernan Investment AB is an international, private investment company located in Stockholm, Sweden. Since 1919, Nordstjernan has been a family-controlled investment company that focuses on generating value growth through the active ownership of Nordic companies. Investments are for the long term. See all the Press Releases from XANO Industri AB sites - Click Here Read a recent article about - Got a Cool Job in Plastics Injection Molding?- Get the word out today! Our Dedicated Portal Helps U- $ave
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