BEWI becomes 100% owner of leading UK based insulation and packaging company Jablite Group
BEWI Stock Exchange Notice
18 May 2022
BEWI, a leading provider of packaging, components, and insulation solutions, announces that the company acquires an additional 51 per cent of the leading UK based insulation and packaging company Jablite Group (“Jablite”), with an annual turnover of approximately GBP 40 million, becoming 100 per cent owner of the company. BEWI first announced its acquisition of 49 per cent of Jablite in June 2020.
Jablite has approximately 50 years of experience from innovating and developing EPS solutions for insulation and packaging. The Jablite Group includes the manufacturer and supplier of solutions for insulation and civil engineering named Jablite and the producer of packaging products named Styropack.
In 2020, the company initiated a comprehensive restructuring programme, including closure of two facilities, optimising the production footprint, in addition to several other cost initiatives. The completed restructuring has resulted in significant profitability improvement over the last two years. Jablite has grown to become a leading provider of insulation and packaging solutions in the UK, with an annual turnover of approximately GBP 40 million and an EBITDA margin in the range of 5 to 10 per cent.
“We are very pleased to now be able to include Jablite fully to our team. The company has shown an impressive development the last two years, and we look forward to further strengthen our market position in the UK together going forward,” says Christian Bekken, CEO of BEWI.
“Jablite’s operations will also complement the UK based operations of Jackon very well, so we see a great potential for synergies by combining the two entities as soon as the Jackon transaction is completed,” Bekken adds.
The current management of Jablite, including managing director Richard Lee and finance director John Cooper will continue in their roles going forward. Rik Dobbelaere, previous CEO of Synbra Holding and BEWiSynbra Group, and director of the board of BEWI ASA, has been director of the board of Jablite since BEWI’s acquisition of the 49 per cent stake in 2020.
The total consideration for the remaining 51 per cent of Jablite is approximately GBP 10 million and will be settled in cash.
Charlotte Knudsen, Director of IR and Communications BEWI ASA, tel: +47 9756 1959
About BEWI ASA
BEWI is an international provider of packaging, components, and insulation solutions. The company's commitment to sustainability is integrated throughout the value chain, from production of raw materials and end goods, to recycling of used products. With a vision to protect people and goods for a better every day, BEWI is leading the change towards a circular economy.
BEWI ASA is listed at the Oslo Børs under ticker BEWI.
The information is such that BEWI ASA is required to disclose in accordance with the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 13:30 CEST on 18 May 2022.