Oslo,
Norway-based Polimoon AS has established a 450 million NOK acquisition
facility with DNB NOR and Norddeutche Landesbank. It is a two year
loan facility which can be extended for another twelve months if
needed, according to the company. The facility is earmarked to fund
acquisitions within packaging and components.
"I am pleased that we have agreed on
such a facility with DNB NOR and Norddeutche Landesbank. It will
allow the Polimoon Group to target further growth in a fragmented
market and it signals a strong support from our banks" says Arne
Vraalsen President and CEO Polimoon.
A press release issued August 30th
stated that Polimoon operates in a fragmented and competitive
market. The high oil prices have led to significant increases in
input costs such as plastic raw material, freight and energy the
last twelve months. The increased costs have led to a pressure on
margin in the industry which opens up for further possibilities to
consolidate the market through acquisitions. Polimoon considers this
as an opportunity. The acquisition facility will give Polimoon the
needed muscles to act confidently.
Since it was established in 1999,
Polimoon has acquired 14 businesses contributing with sales of 1.2
billion NOK annually. In the same period the Group has divested 6
activities which has been considered non core with annual sales of
250 million NOK annually. In this period five locations have been
closed or partially shut down to ensure economies of scale. These
actions have ensured that Polimoon has developed into a company with
a strong and well respected position in rigid plastic packaging and
components to the automotive industry.
For more information, visit
www.polimoon.com.