Bong acquires 50% of U.K.-based packaging systems company Angus & Wright to grow its ProPac division sales, advance position as supplier, has option to purchase remaining 50% within next five years
November 3, 2011
– Bong (STO:BONG) has acquired 50 percent of the packaging company Angus & Wright Limited and has also got an option to buy the remaining 50 percent within the next five years.
Angus & Wright is based outside London, UK and is selling a wide range of automatic packaging machines and coldseal material (mainly plastic or board) on reels to European E-fulfillment companies. So far, most of the machines have been installed in various fulfillment centers in UK, France and Germany. Angus & Wright has been particularly successful in helping its customers achieve efficiency gains in the packaging and shipment of various items, ranging from CDs to skis.
Angus & Wright was established nearly 20 years ago and the business has grown to a turnover of around 1.3 MGBP. The exclusive right to the brand Coldseal in combination with many years experience of developing and distributing packaging machines for the mail order/e-commerce market have given Angus & Wright a good reputation in its segment.
“The acquisition of Angus & Wright is in line with our strategy to grow our ProPac sales and to advance our position as a reliable supplier and a valuable partner to the fast-growing e-commerce industry. Angus & Wright is an important brick for accelerated growth in this segment in Europe” says Bong’s President and CEO Anders Davidsson.
Bong’s ProPac sales (specialty packaging) is approximately 55 MEUR on an annual basis before the acquisition of Angus & Wright and is one of the group’s key growth areas.
Angus & Wright will be consolidated from November 1, 2011 and is expected to contribute positively to Bong’s result from the first quarter 2012.