Plastohm has it's head office located in France with manufacturing and sales offices in France, Germany, UK, Italy, Tunisia, Spain, Switzerland and Slovakia, combined annual sales in excess of €105m and around 1,000 employees.
Polimoon says its offer for the company amounts to approximately $40m and that it will take over the management of the company on September 6th.
According to the company, Plastohm will make a good match because the business is split between consumer packaging and components to the automotive and electrical industry, two segments where Polimoon has established a significant presence over the years.
Likewise the businesses are said to complement each other geographically, with both companies focusing on similar products but with no geographic overlap.
"Plastohm is a major acquisition for Polimoon. It will further strengthen our position in Europe, east and west. We see it as a positive challenge to support development of the packaging and component sales," said Arne Vraalsen, president and CEO Polimoon.
Vraalsen added that the combined resources of the two businesses are expected to give Polimoon an annual turnover in excess of €500m a year, allowing the company more leverage in the the challenging conditions of the European market.
The Plastohm business has grown significantly in recent years and Polimoon says that further investment should maintain that growth under its management.
Polimoon has itself been expanding in recent months, having acquired Lima-Pol Polimoon, a manufacturer of premium packaging located in Poland, with a focus on cosmetic jars and bottles back in December.
Then, in January, the company further extended its coverage of the European personal care packaging industry in Europe with the acquisition of Rosti's personal care packaging operations in Germany and Denmark, a subsidiary of Denmark-based A.P. Møller-Mærsk, with annual sales of €40 million.
Rosti is a leading manufacturer of bottles, tubes and containers used in the consumer packaging industry in Northern European. It mainly supplies both the personal care and household industries, but also supplies industrial packaging for the chemicals industry.