Today Superfos has signed a Letter of Intent with Danish VT Holding to acquire Jotipac Group. The negotiated price amounts to DKK 470m for all shares in the Jotipac Group A/S. The Letter of Intent is subject to a satisfactory due diligence and the approval by the competition authorities.
Jotipac Group is among the leading European manufacturers of high-quality injection-moulded plastic packaging. The company's turnover is in the order of DKK 510m. Jotipac Group employs about 280 people with the headquarter in Randers in Denmark and three factories in Randers, Wetteren in Belgium and Tenhult in Sweden. Most of Jotipac Group's product range relates to retail food customers.
The planned acquisition is in line with Superfos Packaging's continued growth strategy within its core business of injection-moulded plastic packaging, where the transaction will make Superfos the leading European manufacturer. Combining the operations of Superfos Packaging Consumer Division and Jotipac Group will offer a wide range of synergies in the processing area as well as in products and purchasing. In addition, the acquisition will expand Superfos' existing European market coverage.
Closing is expected by the end of February.
Superfos Packaging comprises 14 factories in Europe as well as one US-based factory. Turnover is in the region of DKK 1.9bn, and the company has about 1,800 employees. Superfos is owned by the Industri Kapital 1997 Fund (67 %) and Ratos AB (33 %).
For further information, contact:
Arne Karlsson, CEO Ratos AB, +46 8 700 17 00
Kim Andersen, President & CEO of Superfos Packaging, +45 45 67 00 00
Visit also www.superfos.com