Clondalkin nets €145m in business sales

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Clondalkin nets €145m in business sales

April 06
11:14 2013
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Clondalkin has announced the sales of distribution business Van der Windt and a raft of its North American flexible packaging businesses in deals totaling €145m.

The multinational has agreed to sell the Van der Windt Group, which has operations in Netherlands, Belgium, England and Ireland, to Dutch distribution business the Paardekooper Group for €68.5m.

In North American, meanwhile, Clondalkin has sold three businesses to HLX PLY Holdings, an investment business based in Delaware.

The three are Direct Plastics in Ontario, Canada; Fortune Plastics, which is based in Connecticut but also has production sites in Connecticut, Arizona, Florida, and Tennessee; and Accutech Films, based in Ohio.

Clondalkin’s Spiralkote Flexible Packaging business, which is based in Florida, has not been sold.

In a statement on the sales, Clondalkin said that it planned to use the proceeds from the sales to pay down debt that will fall due in the coming 12 months.

The businesses sold, Clondalkin said, generated combined pre-tax profits of around €20m in 2012.

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