Plastics Capital Ltd, a fast-growing acquisitive plastics products manufacturer, is pleased to announce the acquisition of Channel Matrix Ltd ("Channel"), Wellingborough, Northamptonshire for an undisclosed sum.
Channel is the global market leader and generic name for the creasing matrix that it patented over 40 years ago. Channel developed the world's first and most widely used creasing matrix which is used to crease and shape cardboard into packaging predominantly for food and other consumer goods. The Channel matrix is extremely durable and accurate and provides significant benefits in time and cost.
The turnover for the year ending 30 April 2007 was c£5 million, exporting to over 70 countries.
This acquisition complements Plastics Capital's focused divisional structure and in particular, Trimplex, the only other UK based global creasing matrix manufacturer.
The Board of Plastics Capital believes there will be advantageous synergies between the two Companies and are actively pursuing the opportunities that will arise from owning both successful businesses.
Faisal Rahmatallah, Chairman and Chief Executive, commented:
"This is a significant acquisition for Plastics Capital as it not only increases the share we have in the creasing matrix market, but enables us to combine the strengths at Channel and Trimplex. This is in line with our strategy of being a fast-growing and acquisitive Company and I look forward to seeking new opportunities which will strengthen the Group further."
For further information, please contact:
Faisal Rahmatallah 020 7326 8423