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11 Feb 2021 | 10:18

Robinson acquires Danish container manufacturer

(Sharecast News) - Plastic and paperboard packaging manufacturer Robinson said on Thursday that it had acquired Schela Plast, a Danish designer and manufacturer of blow-moulded containers. Robinson will make an initial cash consideration of DKK 12.0m (£1.4m) for Schela Plast, funded from existing cash resources and bank debt.

The AIM-listed group will also inherit DKK 27.8m (£3.3m) of net debt as a result of the transaction, of which DKK 9.5m (£1.1m) has already been repaid in cash, while an additional earnout cash payment, payable following an audit of the company's 2021 reports, was currently estimated to be DKK 25.0m (£3.0m), being the maximum under the capped total consideration.

Looking forward, Robinson said Schela Plast had "a healthy pipeline" of new business.

Chief executive Alan Raleigh said: "The acquisition supports our sustainable growth strategy. Schela Plast is a strong complementary fit to our existing products and services, customers and manufacturing locations.

"Their location and capabilities, together with our planned investment in additional equipment, generates areas for growth with key customers in the market sectors we and Schela Plast serve."

As of 1015 GMT, Robinson shares were down 2.98% at 150.38p.
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