Warsaw (Puls Biznesu) – The possible merger of Plast-Box with a packaging company boosted the stock of the listed firm. Details will be known in the middle of May, however.
Plast-Box, the producer of plastic boxes wants to merge with one of Poland’s biggest producers of specialized packages used to transport automotive parts, metal elements and boxes. Its name has not been revealed yet. The company has similar sales to Plast-Box which in 2006 had PLN 51m (EUR 14.2m) of revenues. Due diligence will be conducted till May 15th. Then, both companies will tell when and how the transaction would be finalized.
“We will surely issue shares and offer them to the owners of the other company”, Waldemar Pawlak, Plast-Box CEO said.
In May, the changes in managements of both companies as well as the day of the GSM approving of the transaction will be announced. The transaction should be concluded this year.
“We expect great synergies. Thanks to the merger we will be able to offer packaging to the automotive and home appliances producers. Today, mainly chemical and food companies buy our products”, Waldemar Pawlak stressed.
“We are waiting to see the details”, Ludomir Zalewski, DM PKO BP analyst commented.
Investors approved of the merger. Yesterday, Plast-Box stock was growing even 8.12 percent to PLN 18.89.
(PLN 1 = EUR 0.278)