The Management of the Societe Anonyme under the name “THRACE PLASTICS INDUSTRIAL AND COMMERCIAL SOCIETE ANONYME” with the distinctive title “THRACE PLASTICS CO. S.A.” informs the investors’ community that its fully owned subsidiary company “THRACE POLYFILMS S.A.” proceeded with the signing of a binding agreement with regard to the acquisition of 100% of the share capital and voting rights of Societe Anonyme under the name “E.VI.SAK. Hellenic Industry of Sacks and Plastic Materials S.A.” (Henceforth as “the Company”) which is based in Nea Karvali, County of Kavala, for a total consideration of 2.49 million Euros
The business objective of the Company is the production of polyethylene-based plastic sacks utilized in the packaging of fertilizers and in raw plastic materials. Specifically the particular company processes low density polyethylene (LDPE) and low density linear polyethylene (LLDPE) for the production of one-layer or three-layer films. These films are cut and sealed with heat, and in a later stage are utilized in the final product such as the sack or the uncut roll of film. The production capacity of the Company currently accounts for 26 million plastic sacks and films on annual basis.
The Company’s share capital amounted to 103.2 thousand Euros on 31.12.2016 and the total Shareholders’ Funds to 3.7 million Euros. The turnover for the entire fiscal year 2016 settled at 3.1 million Euros.
The Group’s fully owned (by 100%) subsidiary company “THRACE POLYFILMS S.A.”, following the process of undertaking the sector of production and trade of Industrial Packaging products of the parent company “THRACE PLASTICS S.A.”, currently in its final phase, will have the following main business objective: The production and trade of sacks and of polyethylene films for industrial, construction and agricultural uses, as well as the production and trade of garbage bags for both household and professional uses. In this context, the acquisition of the Company is expected to further contribute into a stronger presence of the Group in the particular market segment.