The acquisition will provide BEWiSynbra with an expanded product portfolio and geographical reach.
Sweden-based expandable polystyrene (EPS) producer BEWiSynbra Group has acquired BEWi Drift Holding (BDH) for NOK400m ($45.1m).
The acquisition of BDH will provide BEWiSynbra with an expanded product portfolio and geographical reach.
For the deal, BEWiSynbra will pay NOK100m ($11.3m) through a directed issue of shares in the company while the remaining NOK300m ($33.8m) will be paid as a cash consideration.
BEWiSynbra Group CEO Jonas Siljeskär said: “Our strategic priorities are to continue to grow, further expand our circular activities and continue to innovate new sustainable solutions for our customers.
“With the acquisition of BDH, we further strengthen our position as a major international provider of insulation and packaging solutions, in line with our long-term strategy for growth and diversification.”
BEWiSynbra signed binding agreement to sell certain Denmark real estate properties
Norway-based BDH is a supplier of packaging products for use on land and at sea and solutions for insulation.
The company mainly comprises four operating subsidiaries, namely Nordic Emballasje, Norplasta, Biobe and Tommen Gram.
It has three production facilities in Norway, and sales representation in Norway, Iceland, Sweden, Denmark, Russia and Lithuania.
According to BEWiSynbra, BDH has reported approximately NOK 850m ($95.8m) revenue last year.
Upon completion of the transaction, BEWiSynbra will control a total of 38 facilities in Europe.
Additionally, the company has signed binding agreement to sell certain real estate properties in Denmark for a cash consideration of about SEK100m ($11.5m).
Through the sale of assets, BEWiSynbra can increase financial flexibility in line with the company’s strategy to continue investing in growth opportunities.
Recently, the Swedish expandable polystyrene (EPS) producer has entered into a long-term agreement with Norwegian fish farm company Salmar for the delivery of fish boxes.