Rotational molding group renames plastics biz merger

Moving forward with the name under one roof, the world leader in plastics rotational molding, Promens, renames its newly acquired Polimoon plastics biz.

Polimoon ASA, Oslo, Norway, announced today that it has changed its name to Promens with immediate effect. The name change signifies a major milestone in the merger of the two plastics organizations, ongoing since the acquisition of Polimoon ASA by Promens hf. in December 2006.

Polimoon AS is a leading European developer and producer of products and applications manufactured in plastics and produces a wide range of packaging products within the consumer, chemical and medical industries as well as components to the automotive industry, and some production of customized products to other industries, such as the marine and leisure industry.

Promens has now brought all their operations together under one name, thus significantly simplifying and strengthening the Groups communications and image as one complete entity. Promens incorporates production methods such as blow molding, thermoforming and injection molding as well as rotational molding, of which the company is known for being the largest manufacturer in the world.

Promens now offers a much broader product and service portfolio, as well as technical capabilities with all major plastics conversion methods available from one company.

Mrs Ragnhildur Geirsdottir President & CEO Promens, ... "A name change is the best way to convey the advantages of the Polimoon ASA/Promens hf. merger. Over the last two years Promens has grown significantly. We have entered new business segments and we can offer all plastics conversion methods from one organisation. Promens has a strong corporate identity that will accurately represent our company and its services. While our name is changing the core elements of our organization will remain the same. Promens will continue to provide our customers and partners with the same high level of service as delivered by Polimoon ASA. This change demonstrates that we are going forward as one company."

Although a new name is in place, company address, phone and fax numbers will remain unchanged. The company email address structure is now name.surname@promens.com. The changes are effective immediately and all future plastics and molding business activities will be undertaken with the new name.

Promens, Kopavogur, Iceland, a leading global plastics manufacturer, operates a number of modern manufacturing facilities and sales offices in Europe, North America and Asia and one plant in Tunisia. Over 60 of the Promens' plastics manufacturing and molding plants serve a wide range of customers with packaging, components and material handling solutions. Products include packaging for the food, cosmetics, chemical and pharmaceutical companies and serves the automotive, heavy machinery and electronic markets. Between them the European plants cover almost all of the plastics conversion processes available today. The group employs 6000 people and the total revenues for 2007 are expected in excess of 700 million Euros. The largest shareholders in Promens are the investment companies, Atorka Group, and Landsbanki.

Earlier this month, Promens Polimoon as it was still known then, acquired the productive unit of STE Packaging Development (STE) plastics cosmetic container biz in Spain. STE is located in the municipality of Esparraguera, close to Barcelona. STE which has annual sales in the region of 3.8 million Euros with 33 employees specializes in the development, manufacturing and distribution of thick-walled plastics cosmetics pots, jars and plastics components with high decoration capability to their global customer base. The acquired STE complements the existing cosmetics packaging range of Promens and will be a part of the Packaging division at Promens Group in Southern Europe.

Prior to the Promens Polimoon merger, in November 2006, Polimoon AS and Polimoon Eiendom ANS entered into an agreement with Cipax AS, a newly incorporated subsidiary of the Swedish company Xano Industri AB, to sell its rotational molding business at Bjorkelangen.

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