IPL Plastics has announced that it has fully closed the acquisition of the Loomans Group.
The Irish-based packaging company, which last year launched an IPO in the Canadian market, paid up to €75 million from its existing cash resources.
IPL said that Loomans ‘is an impressive, single-site tooling and plastics manufacturing business, with significant in-mold labeling expertise, operating for over fifty years’.
It added that Loomans is ‘a well-invested company and has a long-established position in continental Europe which provides IPL Plastics with a strong platform for future growth in this region’.
On The Radar
“We are also delighted to announce the acquisition of Loomans, a business we have been tracking since 2015,” IPL Plastics CEO Alan Walsh said at the time of the acquisition announcement.
“Loomans will add geographic, customer and sector diversification which will enable IPL Plastics to participate in new and existing customer growth plans in continental Europe and also provides us with in-house tooling manufacturing capabilities.”
Loomans will be integrated into the company’s consumer packaging solutions business.
The group announced the acquisition in March, when it released its trading report for 2018.
Last year, the group achieved revenues tot $657.8 million, an increase of 22.7% on the previous year.
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click sign-up to subscribe to Checkout.