Acquisition of Canadian Agricultural Film Business
British Polythene Industries PLC announced today the acquisition of the AT Films business of AT Plastics Inc (Canada), a subsidiary company of Celanese Corporation, for a cash consideration of US$12 million subject to an adjustment to reflect the book value of working capital at completion. As at 31 July 2007 the working capital was US$11 million.
AT Films manufactures polythene film products for the horticultural and agricultural markets, mainly in North America. The company has facilities in Edmonton and Westlock, Alberta, Canada and employs 65 people.
In the last financial year to 31 December 2006, AT Films sold 12,500 tonnes of polythene film products with an annual value of US$ 35 million.