News blog
Robinson
- BY: Andrew Hore |
- POSTED: 04/07/2011 |
Robinson is selling its paperboard packaging tube manufacturing business to Sonoco in order to concentrate on its plastic packaging activities.
The paperboard business generated one-quarter of Robinson’s revenues but has not made a profit for five years. Sonoco wants the business because it has spare capacity at its Chesterfield factory and Sonoco has strong demand from its customers. Sonoco is paying £2.6m and the assets being transferred have a book value of £1.9m.
Sonoco buys plastic packaging from Robinson and it will also take a 15 year lease on the Chesterfield factory. There will be a two year rent free period but after that the rent will be £450,000 a year. Sonoco has an option to acquire the factory in the next two years.
At 86p a share, up 4.5p, Robinson is valued at £13.7m. Net debt was £3.4m at the end of 2010.
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