Polish plastic packaging and car accessories manufacturer Suwary has announced plans to acquire one or two local packaging business and to start producing multilayer plastic bottles, with capacity of up to 30 litres, at its plant in Pabianice, Poland.
Suwary is controlled by Canada’s packaging and mould making group Wentworth Technologies, which holds a 59.99% stake in the business.
Suwary’s latest investment was possible because of the company’s improved financial results. In the first half of 2011, the company posted revenues of 42.18m zloty (€10.05m), up a robust 72.9% over the same period a year earlier. Its net profit rose to 1.47m zloty (€0.35m), an increase of 25.5% compared to the first half of 2010.
With the planned acquisitions, Suwary aims to increase its EBITDA fourfold by 2016, the manufacturer said in a statement. Over the first six months of this year, the company’s EBITDA was 4.39m zloty (€1.04m).
“The first half of 2011 was a quite difficult period for the plastic packaging industry, as the prices of plastic reached record-high levels. But despite this, we have managed to report good financial results, and we expect the next six months to be even better for our business,” said Walter T. Kuskowski, chief executive of Suwary.
According to Kuskowski, the Polish company is dedicated to further advancing its growth strategy and increasing its plastic packaging output. Suwary plans to launch production of the new multilayer plastic bottle in the third quarter of 2011, he said. The project will be co-financed from the European Union regional development funds.
Suwary is currently completing construction of a new plastics packaging plant in Ksawerów, Poland. Other plans by the manufacturer include boosting production of plastic screw caps.
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