News blog
Plastics Capital
- BY: Andrew Hore |
- POSTED: 17/03/2008 |
Plastics Capital is paying £6.4m for film packaging manufacturer Palagan.
The niche plastic products manufacturer is using some of its floatation proceeds to fund the acquisition.
Palagan can customise its products according to demand and it has 500 customers. The founder is retiring but the management team will remain in place. It generated turnover of £8.8m in the year to October 2007. EBITDA was £1.07m for that period.
The shares rose 1.5p to 90p, although that is still below last December’s flotation price of 100p. Plastics Capital says that its current trading is in line with expectations.
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