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Packaging & design

RPC wants to buy Promens for 386 million euros

Packaging manufacturer RPC has made an offer to buy Iceland’s rival Promens for 386 million euros. According to RPC, the combination of the two businesses would create a significantly enhanced European platform in rigid plastic packaging, extending the company’s reach and capabilities across several end markets.

RPC is a UK headquartered international manufacturer of rigid plastic packaging, supplying to the food and non-food consumer, industrial and vehicles markets. Earlier this year, RPC acquired British plastic packaging manufacturer Maynard & Harris Group Limited (M&H Plastics) in a 124.5 million euros deal. RPC operates 55 plants located in 20 countries and 4 continents and employs approximately 7,500 staffs.

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Promens also produces rigid plastic packaging and components for the food and non-food, consumer and commercial vehicles markets with a global reach and use similar plastic conversion technologies as RPC, but in addition rotational moulding and reaction-injection moulding. Promens’ manufacturing footprint comprises 40 facilities of which 35 are located in Europe. It employs approximately 3,800 people.

A future packaging giant

The combined RPC-Promens could have annualised revenues approaching 2 billion euros across 95 plants and 11,200 employees. The merger would expand the geographic reach of RPC throughout Europe.

As far as personal and health care products are concerned, Promens offers a diverse customer base including global consumer and healthcare companies and local Western and Eastern European brands. Customers in personal care value extensive design and technical expertise and continuous product development. According to RPC, “Promens has a track record of innovation in this field and benefits from being located in close proximity to customers’ centres of excellence and filling locations in France.Promens has also demonstrated a track record of growth across its Eastern European facilities in Poland and Russia.

Given Iceland’s current capital restrictions it is difficult to provide the necessary investment to enable Promens to meet its ambitious growth targets. I am supportive of the proposed combination with RPC and believe this would prove to be an excellent opportunity,” commented Hermann M. Thorisson, Chairman of Promens.

The closure of the operation is expected on 7 January 2015.

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