Promens

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Promens

Type	Private limited company
Founded	1984
Headquarters	Kópavogur, Iceland
Key people	Ragnhildur Geirsdóttir, President and CEO
Industry	Plastics manufacturing
Products	Rotomolded plastics, injection and blow molding, reaction injection, and thermoforming
Website	www.promens.com

Promens hf is an Icelandic holding company with primary interests in plastics manufacturing.

It is currently majority owned by Icelandic investment company Atorka Group and Icelandic bank Landsbanki. Promens' headquarters are in Kópavogur, Iceland.

Promens operates sixty manufacturing plants worldwide, with 6,000 employees, and total sales exceeding US$910 million in 2006.

Promens is the largest rotomolder in the world, owning twenty rotomolding plants in ten countries within Europe, Asia, and North America which employ 1,600 people, and process more than thirty-four million kilograms of resin annually, with sales of US$220 million in 2006. ^[1].

1 History
2 Divisions
3 References
4 External links
5 Read also

[edit] History

Sæplast was founded in 1984 by sixteen local investors in Dalvík, North Iceland. Its aim was the manufacture of double-walled plastic tubs for preserving fish from their catch to processing. The founders of the company gained extensive knowledge of rotational molding techniques. In 1990 the company began production of Iceplast trawl floats. ^[2]

After extensive adoption by the Icelandic fisheries industry, the company began exporting its products worldwide. In 1993, Sæplast won the President of Iceland's Export Award. The same year Sæplast was listed on the Icelandic Stock Exchange.

During 1999-2000 Sæplast acquired three companies abroad; in 1999 the Dyno AS factories in Ålesund, Norway and St. John, Canada, and in 2000, Nordic Supplies Container AS of Norway.

This expanded Sæplast's product range from rotationally molded tubs to include various types of floats and safety equipment for the marine industries. As a result of these acquisitions, Sæplast's turnover increased by 400%, with 40% of the company's turnover now coming from the floats and safety equipment. During this time, the number of overseas employees reached three times the personnel in Iceland. ^[3].

In 2001 Sæplast Asia was established in Hong Kong. In 2002, Icebox Plastico, Spain was acquired by Sæplast, and in 2003 Plasti-Ned of Holland was also acquired by Sæplast.

Atorka Group of Iceland purchased a majority interest in Sæplast in 2004 and delisted the company from the ICEX. In 2004 the largest Icelandic company in the field of expandable polystyrene production, Tempra hf was acquired by Sæplast.

In May 2005, Promens hf was formed to take over several of Sæplast's subsidiaries: Sæplast Dalvík ehf, and Tempra hf. in Iceland, Plasti-Ned BV and Sæplast Holland BV. in the Netherlands, Sæplast Iberia S.A. in Spain, Sæplast Asia Ltd. in Hong Kong and Sæplast UK Ltd., a 63% share in Sæplast India Ltd. Sæplast Ålesund AS., Sæplast Norge AS. and Sæplast Canada Inc. remained under Sæplast hf.

In July 2005 the company made its largest acquisition, the Bonar Plastics division from Low and Bonar Plc, adding eleven rotomolding plants in ten countries within Europe and in North America. Sixty-five percent of the sales of Bonar Plastics is derived from custom moulded products manufactured for other producers of industrial products.

At the time of the acquisition Bonar Plastics produced parts for at least 15 industries and blue-chip customers include DaimlerChrysler, Caterpillar, John Deere, Peugeot, Renault and Volvo. At the time 35% of its sales were its own products, particularly tubs and tanks for storage and transportation of materials for the chemical, pharmaceutical and food industries.

[edit] Divisions

Promens' Bonar Plastics division operates 12 rotomoulding factories in eight countries. The division’s factories are located in Hockenheim in Germany, Deventer in Holland, Sörum in Demark, Miedzyrzecs in Poland, Montoir de Bretagne, Huningue and Bethune in France, Barcelona in Spain, Lindsay near Toronto, Canada, and in the USA in Littleton near Denver, Colorado, in Ridgefield Washington near Portland, Oregon and in Chicago, Illinois.

In North America, Promens’ nine rotomolding plants and 700 employees generated sales of US$100 million in 2006. Promens' is the third largest rotomolding operation in North America, the top two being toy makers, The Little Tikes Company and The Step2 Company.