Superfos sells business area chemicals
Ratos' associated company (33%), Superfos divests Business Area Chemicals. The sale is a step in the concen-tration of the Superfos Group that started with the acquisi-tion by Industri Kapital and Ratos during autumn 1999.
Superfos has entered into an agreement with Holland Chemicals International (HCI) for the sale of Business Area Chemicals. The sale comprises all of the Business Area's operations in Denmark, Sweden, Norway and Finland, which have more than 350 employees.
Concentration and focusing
Through the sale, which should be seen as a phase in a further focusing of Superfos, it will be possible to utilise the Group's financial and management resources in an even more focused way within a limited number of areas.
As a result of the agreement that has been made, the sales figure will not be announced, but the divestment has been made at a level which exceeds the level of the internal valuations of the Business Area carried out at the time of acquisition during autumn 1999.
In 1999 Superfos Industries Group (excluding the divested parts within Construction) reported sales of DKK 3,648M and operating earnings of DKK 203M. Sales of Business Area Superfos Chemicals amounted to DKK 1,225M and operating earnings was DKK 43M.
After the divesture of Chemicals the Superfos Group consists of the remaining two business areas Packaging and Aerosol.
Superfos Packaging is the largest manufacturer in Europe of injection-moulded hard plastic packaging. Sales in 1999 amounted DK 1.957M and operating earnings was DKK 163M. The products, which are manufactured in 17 different plants in 11 countries, are used in, among others, the food and pharmaceutical industries. The packaging market is characterised by increased demand for plastic packaging. The market-leading Superfos stands well-equipped for this development.
Superfos Aerosols is the largest contract filler in Northern Europe. In 1999, the operations reported sales of DKK 468M and operating earnings were DKK 41M. Market growth in recent years is expected to continue in the current year.
HCI is quoted on the stockmarket in Amsterdam and reported sales in 1998 of approximately USD 1.1M. The company is established as a leading chemical distributor in North and South America. Superfos Chemicals is eminently compatible with HCI's overall globalisation strategy.