Ergis-Eurofilms wraps up takeovers

WSE-listed Ergis-Eurofilms, Poland's largest plastics-processing company and PVC manufacturer, has announced its purchase of 100 percent of shares in two German firms, MKF-Folien and Schimanski. The acquisitions will be made in conjunction with Ergis-Eurofilms' subsidiary Tapety Ergis, with the former taking 94.9 percent and the latter 5.1 percent. The value of the transaction is estimated at R27.4 (zł.103.4) million.

"We fully support the efforts of Ergis-Eurofilms to strengthen its leading position in Central Eastern Europe and are convinced that acquisition of MKF-Folien and Schimanski GmbH will contribute to the achievement of this goal," said Jacek Korpala, a partner at DBG, which controls Ergis-Eurofilms' majority shareholder, Finergis Investments. "We hope that stock-exchange investors will share our view about the positive impact of the acquisitions on the development and future prospects of the company," he added.

MK-Folien is a manufacturer of PET and PVC rigid films, primarily used in the food and technical sectors. The firm's annual production capacity is 20,000 tonnes of PET film and 12,500 tonnes of PVC film. It recorded revenues of E22.5 (zł.85) million in H1 of this year.

Schimanski is a manufacturer of PET/PE and PVC/PE laminates, used mainly in meat and cheese packaging. The company's annual production capacity amounts to approximately 16,000 tonnes. It reported revenues of E13.5 (zł.51) million for H1 2007.

As part of the deal, MKF-Folien and Schimanski will purchase some 6.3 percent of Ergis-Eurofilms shares from Finergis.