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Coral Products

  • BY: Andrew Hore |
  • POSTED: 24/06/2015 |

Plastic moulded packaging supplier Coral Products has acquired equipment from Neiman Packaging for an initial £300,000 in cash and this will make a significant contribution to the current financial year. 

The purchase takes Coral into new markets. The equipment has been used to produce packaging for health, hygiene and personal care markets. Two production lines will be installed at the Haydock factory. There is earn-out consideration of up to £200,000 depending on revenues being between £2m and £3.5m in the period between the fourth and fifteenth months following purchases. The equipment has been generating £3m a year in revenues.

There will be benefits from greater utilisation of the Haydock site and there are opportunities in new areas to the company , such as injection blow moulding and extrusion blow moulding.

Coral has raised £236,000 from a placing at 13.5p a share. 

At 14p a share, Coral is valued at £8.34m.

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