Polimoon, a subsidiary of Promens has concluded sale leaseback of properties

Polimoon, a subsidiary of Promens hf. has concluded the sale and leaseback of the three properties in Norway and one property in Denmark to a property fund established by Orkla Finans at what is considered favorably terms. The gross proceeds were 270 million NOK, generating a gain of 180 million NOK prior to tax and any fair value assessments. After payment of tax the net cash proceeds are approximately 240 million NOK. The rent, through a 15 year agreement is 19 million NOK annually and subject to fixed 2% indexations. After the sale and leaseback Polimoon is still a substantial owner of 17 properties in excess of 140.000 square meters under roof.
	
"This agreement clearly demonstrates the potential to realize underlying values in Polimoon and put these at better work to create growth and increased share holder returns" - says Ragnhildur Geirsdottir President & CEO of Promens.


Polimoon holds a leading position within manufacturing, developing and selling of plastic products with 41 operations across Europe. Polimoon develops, manufactures and sells a wide range of packaging products within the consumer, chemical and medical industries as well as components to the automotive industry. Polimoon has approximately 4 300 employees and annual sales in excess of 560 million Euros. 

www.polimoon.com

Promens
Promens is a leading global plastics manufacturer and the largest rotational moulding plastics group in the world, with 20 production facilities in Europe, North America and Asia. Promens is a leading player in manufacturing and product development in rotational molding production. The total annual turnover of Promens and Polimoon is 750 million Euros and the total number of employees is close to 6000. The largest shareholders of Promens are the investment company Atorka Group and Landsbanki. 

For further information:
Ragnhildur Geirsdottir, President and CEO, +354 580 5555 or +354 898 5001