Italian twinwall PP panel group aims to acquire Poland's Gekoplast

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The Italian group behind leading European polypropylene sheet and pallets maker Karton SpA. is bidding to acquire the Polish packaging and twinwall cellular PP panel specialist Gekoplast.

Warsaw-based private equity firm Capital Partners S.A., the 75% majority shareholder of Gekoplast with more than 4.5m shares, has formally accepted a non-binding offer from K-Holding SpA. of Sacile, Italy to buy 100% of the Gekoplast shares.

K-Holding was granted exclusive rights to the takeover at a price of no less than €3.86 per Gekoplast share, up to deadline of 15 October 2017, extended until 13 November if the offer is confirmed, the Gekoplast board announced in an August statement.

The would-be purchaser was permitted time to carry out the due diligence process prior to completing the acquisition which would value the Polish processor at €17.7m.

“We see significant synergies and positive aspects that could be part of Gekoplast’s further development.....We consider (this deal) a good (strategic) option for further development,” Gekoplast’s chief executive officer Piotr Górowski was quoted as saying in a statement.

Gekoplast, based at Krupski Młyn in Upper Silesia, Poland, was formed in 2010 and has annual plant capacity of 18,000tpa. As well as its cellular PP panel boards, the firm produces a range of solid sheet using polyethylene, ABS, types of polystyrene and PMMA, corrugated sheet and plastics packaging.

The company has made significant investments in expanding its operation, production capacity and product range. More than 60% of its output goes to exports.

In May last year, the company was listed for the first time on the main Warsaw Stock Exchange. Gekoplast is aiming to increase its sales for the full years 2017 by 11% to more than €23.6m and net profit up by 17% to €1.65m.

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