Posted on 23.03.2010 - 07:00 EDT in ACQUISITION/MERGER NEWS by ginamc
On November 30, 2009, Nordstjernan AB (“Nordstjernan”) and Rosti A/S (“Rosti”) agreed that Nordstjernan should, through its wholly-owned subsidiary Stella Plastic Holding AB (“Stella”), acquire 100 percent of the shares in Rosti Technical Plastics Holding A/S (“RTP”), cf. press release of December 1, 2009. Today, March 9, 2010, closing of this agreement was concluded after customary approvals from competition authorities.
The new merged Stella/RTP group, headquartered in Copenhagen, Denmark, will be named Rosti Technical Plastics with Börje Vernet, presently CEO of Stella, as CEO. The merged company will have a turnover of approximately 175 MEUR and around 1800 employees.
We look forward to continuing the development of the companies in the new Rosti Technical Plastics group and to serve the customers in the best possible way. I am convinced that Stella and RTP will make a strong partnership; both groups have coped very well with the economic downturn during 2009”,
Nordstjernan has decided to decline its option to acquire the Rosti US operations. “This decision was difficult. We feel, however, that a strategy of focusing our resources and managerial efforts on Rosti’s European and Asian operations will enable us to provide our customers the greatest benefit and value”, says Börje Vernet.
Rosti A/S, part of the A. P. Moller - Maersk Group, will continue to operate five factories - three Technical Plastics factories in the USA and two PET bottle factories in Europe. “All of the 10 Rosti factories, including the 5 factories sold to Nordstjernan, showed a very strong performance in 2009. Despite a 20% drop in group sales due to market recession, EBIT more than doubled and order intake of new projects for the future was record high”, says Stig Hoffmeyer, Senior Vice President of A. P. Møller - Mærsk.
RTP produces injection-moulded plastic products for a number of industries. During 2009, RTP had sales of 115 MEUR from its plants in China, India, the Netherlands, Poland and Scotland.
For more information see www.rosti.com.
Stella (formerly GP Plastic) produces injection-moulded plastic products mainly for the food industry. During 2009, Stella had sales of 45 MEUR. The company has plants in Germany and Sweden. For more information see www.stellaplastic.se.
Nordstjernan is a family-controlled investment group that creates growth in value through longterm and active ownership of Nordic companies. During 2009, Nordstjernan had a turnover of over 6 billion EUR. For more information see www.nordstjernan.se.
Rosti A/S is a part of the A.P. Moller - Maersk Group that includes a number of companies within shipping, oil, logistic and retail. For the last number of years, A.P. Møller - Mærsk has had the strategy to dispose of the Group’s industrial enterprises if non-core business to shipping and energy. For more information see www.maersk.com.
The parties have agreed not to disclose the terms of the transaction.
Tomas Billing Bent E. Carlsen
President Chairman of the Board
Nordstjernan AB Rosti A/S
Please refer questions to:
Tomas Billing, President, Nordstjernan AB, +46 8 788 50 00
Börje Vernet, CEO, Stella Plastic Holding AB, + 46 702 98 46 67
Stig Hoffmeyer, Senior Vice President, A. P. Møller - Mærsk, + 45 33 63 17 10