Leading global consumer packaging company Rexam PLC announced 19 February 2004 the acquisition from Hunan NV of all the shares in Poland Glassworks Holding BV, the holding company of Polish glassworks…
Leading global consumer packaging company Rexam PLC announced 19 February 2004 the acquisition from Hunan NV of all the shares in Poland Glassworks Holding BV, the holding company of Polish glassworks, Polglass (Polska) SA (“Polglass”), for GBP 10 million cash including debt assumed and subject to working capital and other adjustments. Based on Polglass 2003 results, the purchase price represents a multiple of 5.2 times EBITDA. The business is expected to exceed cost of capital in year one. Polglass mainly supplies coloured bottles to Polish breweries, with Heineken“s Polish subsidiary, Zywiec, the major customer. Rexam already has a flint glassworks in Poland located in Gostyn and the acquisition takes Rexam to the No 2 position in the Polish glass market with a 20% share. Commenting on the move, Rolf Brjesson, Rexam“s Chief Executive, said: “Following our recent announcement of a glass acquisition in the Netherlands, this latest transaction shows our commitment to building our position in the north European glass industry. It opens new market opportunities for us in the beverage segment in Poland and gives us a base for further consolidation and synergies.”