The Enterprise Investment Fund has concluded an agreement on the acquisition of a 40% interest in Promens hf. The acquisition price is ISK 6.6 billion and includes an increase in Promens share capital which will be used to reduce debts and for investments. Among the projects in progress at Promens is the enlargement of the company’s plant in Dalvík, Iceland. The acquisition will reduce the holdings of Horn Investment Company hf. in Promens from 99% to 59%. The owners have plans to list Promens in the stock market in two to three years’ time.
Promens is a leading global plastics manufacturer operating 45 plants in 19 countries. The company manufactures a wide range of products, including packaging for food, cosmetics, and pharmaceuticals, in addition to components for automobiles, agricultural machinery and heavy machinery. Promens serves enterprises in a number of industries, including food processing, chemicals and pharmaceuticals and the automotive and electronics industries. The company’s turnover in 2010 was ISK 94.6 billion (EUR 584 million), and profit after taxes amounted to ISK 1.9 billion (EUR 11.7 million). Promens has 4,200 employees, including 80 in Iceland, where the company operates two manufacturing facilities, Promens Dalvik and Promens Tempra. The operation of the two Icelandic companies has been successful in the past months and years. Promens’ roots can be traced to the foundation of Sæplast in Dalvík in 1984, where the company still runs a successful plant, Promens Dalvik, with an average workforce of 40-50 employees. Work is currently in progress on enlarging the Dalvik plant in order to meet steadily increasing demand for the company’s products.