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MOSCOW (MRC) -- Swedish polymer product
and component maker Nolato Group has completed its acquisition of U.S. medical
technology company GW Plastics, as per Canplastics.
First
announced in August 2020, the deal sees GW Plastics’ seven global manufacturing
facilities joining Nolato’s 25-plus facilities around the world. Bethel,
Vermont-based GW Plastics has also subsequently rebranded to Nolato GW
Inc.
Just over four-fifths of GW Plastics’ business will be reported
under the Medical Solutions business area, with the remainder reported under
Industrial Solutions. The transaction is expected to have a marginal positive
effect on Nolato’s earnings per share for the current year.
The
acquisition means Nolato has a solid global position on the three key continents
of Asia, Europe, and North America. Headquartered in Torekov, Sweden, Nolato is
a global solutions provider specializing in developing and manufacturing
products in polymer materials such as plastic, silicone, and TPE for leading
companies within the healthcare, automotive, and consumer electronics
industries.
"We believe Nolato aligns exceptionally well with GW
Plastics’ business and culture, and together we’ll offer our customers the same
predictability and engagement they have come to rely on,” said GW Plastics
president and CEO Brenan Riehl. “Our customers will now be able to enjoy the
support and scale of the entire Nolato Group with its comprehensive product
development, engineering services, and extensive global manufacturing network.
The combined capabilities and synergies between our companies are second to none
and we look forward to leveraging them for our customers’ benefit."
As
MRC informed
earlier, at an investment cost of about SEK 30m (EUR 3.3m), the
Medical division of Nolato is to expand its production site in
Mosonmagyarovar/Hungary. The Swedish group plans to build a new hall with a
production area of 3,500 m2. Subsidiary Nolato Magyarorszagdie will be able to
use the new space, which includes additional clean room capacity, from 2013
onwards. According to local media reports, the expansion will result in raising
current employee levels from 400 to around 450.
We remind
that Russia's output of chemical products rose in September 2020 by 6.7%
year on year. At the same time, production of basic chemicals increased by 6.1%
year on year in the first nine months of 2020, according to Rosstat's data.
According to the Federal State Statistics Service of the Russian Federation,
polymers in primary form accounted for the greatest increase in the
January-September output. Last month's production of primary polymers decreased
to 852,000 tonnes from 888,000 tonnes in August due to shutdowns in Tomsk, Ufa
and Kazan. Overall output of polymers in primary form totalled 7,480,000 tonnes
over the stated period, up by 16.4% year on year. |
