Source: Adsale Industry Portal 2456.com Post date : 19/02/2009
Swedish-based Billerud, the producer of kraft and sack papers, and container boards for the packaging industry, is further strengthening its know-how in renewable packaging through the acquisition of Tenova Bioplastics AB, a Swedish producer of compostable carrier bags made of bioplastic.
Tenova's largest customer is ICA AB. The company has sales turnover of MSEK 35 and is a market leader in its field in Sweden. Tenova AB has been consolidated within the Billerud Group as of February 1, 2009. It is expected to contribute to a small positive effect on earnings per share in 2009.
The acquisition is well fitted into Billerud's long-term strategy, according to the company. Per Lindberg, CEO of Billerud said: "We are continually looking for new products and applications that will develop our business. Bioplastic will be a good complement to paper for renewable packaging, and in the long term the combination of paper with barriers made of bioplastic will be a highly attractive alternative for many different types of packaging."
According to Lindberg, Tenova is a leader in the rapidly expanding bioplastic field, which provides Billerud with a platform for the future. "The acquisition strengthens our product offer in the consumer sector, which is less sensitive to the economic cycle," he said.