International Greetings PLC Acquisition of Enper Giftwrap (9249I)
05 Juin 2014 - 11:12AM
UK Regulatory
TIDMIGR
RNS Number : 9249I
International Greetings PLC
05 June 2014
5(th) June 2014
INTERNATIONAL GREETINGS PLC ('The Group')
Acquisition of Enper Giftwrap
International Greetings Plc, one of the world's leading
designers, innovators and manufacturers of gift packaging,
greetings, stationery and creative play products is pleased to
announce today that through its business in Europe ('IG Europe'),
it has signed a contract to acquire the trade and certain of the
assets of Enper Giftwrap BV for approximately EUR 1.9 million with
the majority of the purchase price representing usable fixed assets
and stock. Enper is a gift-wrap manufacturer in the Netherlands
servicing Northern European with sales of EUR 5 million and this
acquisition will allow IG Europe to widen its customer base and
further strengthen its market position in a core product
category.
Completion is expected to take place at the end of June and IG
Europe then plans over the ensuing 3 months to discontinue
manufacturing operations at Enper's site and integrate the customer
base into its own state-of-the-art facilities at Hoogeveen. This
will involve some relocation of fixed assets but the printing
capacity for the 2015 season can be accommodated more cost
effectively within IG Europe's existing capability, following
investment in 2012 in new high definition printing equipment.
The cash payback on the investment should be between 3 and 4
years, with synergies on the combined customer base arising mainly
from 2015 onwards due to the seasonal nature of the business.
Group CEO Paul Fineman said 'This acquisition is a compelling
and carefully considered 'bolt on' opportunity for International
Greetings in Europe, increasing our scale close to home in a
financially attractive manner and in a market that we consider to
be core to what we do.'
- Ends-
For further information, please contact:
International Greetings plc Tel: 01525 887310
Paul Fineman, Group CEO
Anthony Lawrinson, Group CFO
Cenkos Securities plc Tel: 0207 397 8900
Bobbie Hilliam
FTI Consulting Tel: 020 3727 1000
Jonathon Brill
Georgina Goodhew
This information is provided by RNS
The company news service from the London Stock Exchange
END
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