Robinson finalizes takeover of Poland-based Madrox Spolka Jawna for £13.2M; Madrox manufactures blow, stretch-blow and injection molded plastic packaging to businesses in household, toiletries and cosmetics sectors in Central Europe
June 26, 2014
– UK plastic and paperboard packaging manufacturer Robinson Plc (LON:RBN) said today that it had finalised the takeover of Polish sector player Madrox Spolka Jawna for GBP13.2m (USD22.4m/EUR16.4m).
Under the terms of the deal, agreed in February, the purchase price includes an initial cash consideration of GBP10.6m, which was funded with available cash and debt, as well as a further earn-out consideration of GBP2.6m, dependent on Madrox's performance next year and payable in 2016.
Madrox, which is based in Warsaw, manufactures blow, stretch-blow and injection moulded plastic packaging and supplies the products mainly to businesses in the household, toiletries and cosmetics sectors in Central Europe. The company posted sales of GBP9.8m in 2013, the buyer said.
Robinson chairman Richard Clothier commented that the acquisition would strengthen his firm's position in the plastic packaging markets in Central Europe, in line with its growth strategy.