Eurohold Bulgaria Acquires 49.82% Of The Capital Of Plasthim-T JSC

Eurohold Bulgaria () has acquired 49.82% of the capital of Plasthim-T JSC, the company announced. The remaining shares are held by company managers and employees. Plasthim-T is the biggest manufacturer of folio (BOPP) and polypropylene pipes on the Balkans.

Plasthim-T is the third company in Eurohold's portfolio operating in the sphere of production of plastics. The other two are - Formoplast, which specializes in manufacturing moulds and plastic household goods, and Etropal JSC, the leading Bulgarian manufacturer of dialysis and other medical supplies.

Plasthim reports Jan - Sept sales revenues in the amount of a little over 38 mln leva, 19.430 mln euros (up 70% against last year) and net profit at 1.6 mln leva, 818,067 euros (80% up from last year). The company expects to generate sales revenues in the amount of 52 mln leva (26.587 mln euros) by the end of 2007, and net profit in the amount of 2.2 mln leva (1.124 mln euros).

Plasthim-T owns two production plants situated in Tervel and in Varna. The company employs 800 people.

With this acquisition, Eurohold aims at boosting the results of its production units. The company expects them to generate sales revenues in the amount of 75 mln leva (38.346 mln euros) and net profit at 3.6 mln leva (1.840 mln euros)this year. Eurohold is planning to enhance communication of the three companies with the aim of improving their individual results.

As an operating and integrated part of the structure of Eurohold Bulgaria, Plasthim-T will benefit from a facilitated access to capital markets and bank financing, which will enable it to implement an ambitious investment strategy, requiring some 20 mln euros, and triple production capacity in the following 24 months.

With the acquisition of Plasthim-T, Eurohold Bulgaria will have 20 different types of products in its portfolio, which will make its production units one of the leading ones not only in Bulgaria, but in the region as well.

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