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Lithuania's Plasta to acquire Swedish plastic bag producer for EUR 6 mln
BC, Vilnius, 28.11.2018.
Print version
Print versionLithuania's Plasta, producing bin bags from recycled plastic waste, wants to buy a leading plastic bag producer in Sweden for 6 mln euros after taking over orders of the bankrupt Swedish company ICA earlier this year, according to the Verslo Zinios business daily writes LETA/BNS.
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"The deal is valued at around 6 mln euros. We plan to finance it with the help of Latvian bank Blue Orange and a bond issue in the Baltic states. We are funding our acquisition with our profit and issued bonds," Plasta CEO Vytas Poderis told.
He said the transaction should be completed as early as this year but refrained from indentifying the Swedish company, only adding that it mainly produces multi-purpose plastic bags from raw material and its annual turnover stand at around 20 million euros. Its main products include those suitable for contact with food, like freezing bags.
Poderis estimates that after this acquisition the consolidated group's sales will reach 57 million euros next year.
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