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Nolato completes acquisition of U.S.-based GW Plastics

November 23/2020

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.


mrcplast.com
Author:Anna Larionova
Tags:petroleum products, crude oil, neftegaz, petrochemistry.
Category:General News
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