Announcements

Job offersmore »



Tweeting Growers

Top 5 - yesterday

  • No news has been published yesterday.

Top 5 - last week

Top 5 - last month

Exchange ratesmore »




BonarAgro to be sold off to IFG

Low & Bonar Group has announced that it is to sell its agro-textiles business (BonarAgro) and the industrial-wovens production (both situated in Lokeren, Belgium) to IFG Exelto, part of Swedish industrial group Duroc. IFG is a manufacturer of polypropylene, polyethylene, polyamide fibre and filament yarns.

The sale is expected to close no later than 30 September 2017, subject to the fulfilment of certain conditions. As a result, the sale of BonarAgro is not certain to take place. However, BonarAgro has chosen to already inform clients about the proposed sale and its likely future impact.

Rationale of the sale
The disposal is in line with management’s stated aim of improving operating margins in all its global business units. The specialised nature of the BonarAgro business does not represent a strategic fit with Low & Bonar’s core business interests. The agro-textiles business is profitable, has an established market position and an excellent customer base but requires investment to take it through its next stage of development in improving its efficiency and performance. The business has scope to grow with the support of IFG, but is non-core to Low & Bonar’s future strategic aims and will be better served by an independent future and a new owner who will make the investment at its Lokeren facility and continue to drive and develop business growth.

The current period / post sale period

Orders
Prior to completion of the sale, all orders will continue to be fulfilled by BonarAgro as normal. You should continue to direct all queries regarding new and existing orders to BonarAgro; new orders to be placed prior to closing should be sent to BonarAgro, not to the proposed new owners. Business will continue as normal until such time as the sale closes. At closing, all open orders will be transferred to IFG for fulfilment.

Payments/invoices
All invoices received from Low & Bonar should be paid to Low & Bonar in the normal way. After the completion of the sale, invoices will come from IFG and will be payable to IFG. Further details will be provided at that stage.

Product warranty/claims
Guarantee/warranty obligations for all products sold prior to closing will remain with Low & Bonar. However, BonarAgro will collaborate with IFG to resolve any claims.

Staff
If the sale proceeds, no significant changes are to be expected to the employees currently working in the business.

For more information 
BonarAgro
Industriestraat 39 
9240 Zele, Belgium
T +32 52 45 74 11

Publication date: 7/17/2017

 


 

Other news in this sector:

11/16/2017 US: Syngenta recognized as Analytics 50 company
11/16/2017 Tozer Seeds America celebrates its ten year anniversary
11/16/2017 Ushio opens new factory in Poland
11/16/2017 Klasmann-Deilmann presents Sustainability Report
11/16/2017 Syngenta sells assets to Nufarm in relation to the ChemChina acquisition
11/15/2017 Total Produce acquires 50% of California based “The Fresh Connection”
11/15/2017 NL: "Sustainable tomatoes without bitter aftertaste for next generation"
11/15/2017 US: BrightFarms hires new head of greenhouse development
11/15/2017 Syngenta to step up investments in China
11/15/2017 Timfog engineers residual heat project in Belarus
11/15/2017 Work Process Optimization is now the common thread at Hortimat
11/15/2017 "For foreign projects, check applicable conditions in the country"
11/14/2017 FormFlex celebrating 10 years in Mexico
11/14/2017 US (CA): Total Energy Group celebrates 30th anniversary
11/14/2017 Ridder-HortiMaX opens new office in Mexico
11/14/2017 Victorian vegetable grower Bill Bulmer elected as AUSVEG Chair
11/14/2017 Bulgaria: China-CEE e-trade hub for agricultural produce to open
11/14/2017 Inverca presents new logo at Expo AgroAlimentaria Guanajuato
11/14/2017 Italy: AgriControl combines retail needs and production management
11/13/2017 Polish technology finds place in global horticulture market