31st Oct 2013 14:20
LONDON (Alliance News) - Plastics Capital PLC, the niche plastics products group, Thursday said that it has conditionally agreed to acquire China-based creasing matrix manufacturer, Beijing Higher Shengli Printing Science and Technology Limited.
The holding company, which acquires niche plastics products businesses, said that the acquisition will fit well into its existing creasing matrix business, and expects it to boost earnings, its geographical footprint and technical capability. It also said that it will significantly increase its presence in China, where it sees growing opportunities.
Plastics Capital said that the acquisition will be funded in cash for a total consideration of GBP2.7 million. However the group said it will raise the proceeds, via the conditional placing of 2.7 million shares at a price of 100 pence per share.
Plastics Capital shares were down 1.4% Thursday afternoon, trading at 108.00 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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