Bong Becomes Market Leader in U.K. by Acquiring Rexam Envelopes.Business Editors KRISTIANSTAD, Sweden--(BUSINESS WIRE)--Sept. 18, 2000 Bong acquires as per September 15, 2000 the British envelope business, Rexam Envelopes. The Seller is Communisis Plc., noted on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. . Rexam Envelopes, being one of U.K.'s leading envelope companies, had in 1999 revenues of approx. 16 MGBP MGBP Miejsko Gminna Biblioteka Publiczna , manufactures around 1,4 billion envelopes and has approx. 140 employees. As a result of the acquisition, Bong will have combined revenues in the U.K. of over 50 MGBP and thus will become the market leader. Rexam Envelopes is located in Milton Keynes Milton Keynes (mĭl`tən kēnz`), town (1991 pop. 36,886) and borough, S central England. Milton Keynes was designated one of the new towns in 1967 to alleviate overpopulation in London. It is the seat of the Open Univ. north-west of London, where also Bong/Bauwens current British operations are located. The two businesses are intended to be merged and the possibilities to achieve substantial synergies are regarded excellent. Bong acquires the business from Rexam Envelopes by taking over its assets (stock, machinery, property etc.) for, in principal, its book values. The consideration is approx. 100 MSEK MSEK Meyer, Suozzi, English & Klein (New York law firm) MSEK Million Swedish Kroner . The financing of the acquisition is initially funded by means generated by Bongs sales of property in Kristianstad and Nybro. All personnel is assumed by Bong. Bong is today Europe's leading envelope manufacturer. The Bong Group has revenues of some SKr 2.5 billion, approximately 1,800 employees and an annual production of some 15 billion envelopes at its factories in Sweden, Denmark, Norway, Finland, Germany, Great Britain Great Britain, officially United Kingdom of Great Britain and Northern Ireland, constitutional monarchy (2005 est. pop. 60,441,000), 94,226 sq mi (244,044 sq km), on the British Isles, off W Europe. The country is often referred to simply as Britain. , Ireland, Belgium, Poland and Estonia. Through the acquisition of Rexam Envelopes, Bong strengthens it's already leading position and will have approx. 16% of the European market. In recent years, Bong has played an active part in the current process of restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). in the European envelope industry and sees useful potential for further expansion. BONG LJUNGDAHL AB Lennart Pihl MD and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2000/09/18/20000918BIT00340/bit0001.doc http://www.bit.se/bitonline/2000/09/18/20000918BIT00340/bit0002.pdf |
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