Bong acquires Dutch packaging wholesaler

Kristianstad 2006-10-13

Bong signed an agreement yesterday to acquire 60 percent of the packaging wholesaler VOET International in Rotterdam, Holland. The deal will be financed by utilizing already existing credit facilities. Bong also has the option to buy an additional 20 percent of the company in 3 years and the remaining 20 percent in 5 years.

VOET International is specialized in purchasing and distribution of a wide range of packaging solutions for catalogues and products bought via Internet or mail order. VOET International has a strong market position mainly in the Benelux region and has started to expand into several other European countries during the last couple of years. In 2005, the turnover reached approximately Euro 3 million.

”The acquisition of VOET International is in line with our strategy to grow within different types of packaging solutions in the coming years” says Bong’s President and CEO, Anders Davidsson.

VOET International has built a wide assortment of packaging products and will now also sell Bong’s own range of packaging solutions – ProPac.

“We are convinced that the market for protective and image-enhancing packaging will increase as a result of growing e-business and direct sales to consumers. VOET’s network of customers and suppliers will help us to further strengthen our position in this segment” Anders Davidsson concludes.

Nico Voet, the current CEO of the company, will head VOET International also in the future and will remain as a shareholder.

VOET International is expected to contribute positively to Bong’s result from the fourth quarter 2006.