Robinson PLC
05 May 2006
FOR IMEDIATE RELEASE 5 May 2006
ROBINSON plc
Acquisition
Robinson plc ('Robinson' or 'the Company'; stock code: RBN), the AIM-listed
custom manufacturer of paperboard and plastic packaging, announces the
acquisition of the business of VR Plastics based at Stanton Hill ('VR Stanton
Hill') in Nottinghamshire, for a cash consideration (subject to valuation of
stocks, debtors and leases) of around £2.8m, which broadly equates to the book
value of the assets. The assets include a freehold property at Stanton Hill
valued at £1.4m. The acquisition will be financed by bank debt.
VR Stanton Hill is a plastic injection moulding business that was established in
1996. The principal client is a major international branded goods company. VR
Stanton Hill employs approximately 85 people at its premises near
Sutton-in-Ashfield and was broadly break even in the year to 31 December 2005 on
sales of £4.7 million. The acquisition is expected to be earnings enhancing in
2007.
Commenting on the acquisition, Robinson's Chairman, Richard Clothier, said:
'This acquisition of VR Stanton Hill is a good strategic fit for Robinson. The
business has developed a strong relationship with its major customer over many
years and we expect to achieve valuable synergies through close co-operation
with Robinson's existing injection moulding businesses in Kirkby-in Ashfield,
just a few miles away.'
Steve Wakelin, business unit director of VR Stanton Hill, added:
'The VR Stanton Hill team is delighted to join Robinson. Being part of a larger
group brings significant commercial benefits, as well as financial security,
which will enable development of the business.'
The above numbers are unaudited and relate to a business rather than a company.
- Ends -
Notes to Editors
About Robinson plc
Based in Chesterfield, and with additional manufacturing facilities in
Kirkby-in-Ashfield, Nottinghamshire, in Toronto, Canada, and in Lodz, Poland,
Robinson currently employs over 400 people. It was formerly a family business,
with its origins dating back some 165 years. Today the Company's main activities
are in the manufacture and sale of rigid paper packaging and injection moulded
plastic packaging. Robinson operates primarily within the food, drink,
confectionery, cosmetic and toiletry sectors, providing niche or custom
manufacture to major players in the fast moving consumer goods market, such as
Nestle, Northern Foods, Lever Faberge and Cadbury. The Company also has a
substantial property portfolio with significant development potential.
For further information, please contact:
Jon Marx, Chief Executive, Robinson plc 01246 220022
www.r1son.co.uk
Susan Scott/Daniela Hale, Bankside Consultants 020 7367 8888
This information is provided by RNS
The company news service from the London Stock Exchange
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