Polygiene Sells Protective Surfaces Category to Longtime Partner
The business category of Protective Surfaces, where Polygiene began its operations, entails everything from non-textiles, paint, plastic surfaces and floors to metal treatments. The focus has shifted over the years, and the core business of Polygiene is now within the textile industry. The business and Polygiene’s customers of Protective Surfaces, are being transferred to a partner with long experience and extensive knowledge in this area, Addmaster (UK) Ltd. The business area of protective surfaces represents a very small part of Polygiene’s total operations, 5% of the total turnover. The consideration is set to SEK 10.6 Million but is conditional of the development during 2019. The payment will be settled during the first quarter of 2019 and 2020.
“The transition of Protective Surfaces is a strategic decision that gives us the possibility to streamline and accelerate within our core business. It will free resources internally and give us the possibility to increase our efforts and investments in strategic areas in the coming years. All with the aim to put 100 percent focus on the growth journey we have ahead of us”, says Ulrika Björk, CEO Polygiene.
The agreement is valid from December 27, 2018.
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Polygiene is the world-leading provider of odor control technology and Stays Fresh solutions for clothing, sports equipment, lifestyle, textiles and other materials to help people stay fresh and confident. Polygiene brings the Scandinavian values of quality and care for the environment to life through its products and services. More than 140 global premium brands have chosen to use Polygiene Stays Fresh Technology in their products. Polygiene was established in 2006 and is listed on Nasdaq First North in Stockholm, Sweden. Erik Penser Bank AB acts as its Certified Adviser, phone: +46 8 463 83 00, e-mail: email@example.com.