Partner Plast acquire Powex

PartnerPlast AS from Åndalsnes, a supplier of advanced equipment to the international seismic and offshore industry, acquire the electronic and technology company Powex AS in Molde.

PartnerPlast already controlled 40% of the shares in Powex and has now increased the ownership to 100%.

─ Powex is an important part of the growth strategy for PartnerPlast and the acquisition of Powex will strengthen the development capacity of both companies, says PartnerPlast CEO Tom Samuelsen.

Powex has been and is an important partner for PartnerPlat in the development of seismic, offshore and industry products offered by PartnerPlast.

Powex also has developed own products that PartnerPlast will contribute to develop further and take to market.

The acquisition will not have any impact on Powex’s deliveries and development services to other customers currently not part of PartnerPlast’s customer portfolio.

─ PartnerPlast has a clear strategy to further develop the strong culture and competence in Powex. The company will stay in Molde and shall continue its growth and expansion, says Tom Samuelsen.

– We are very familiar with PartnerPlast through many years of cooperation and have a strong belief that getting PartnerPlast as an owner of Powex is the right thing going forward, says Powex CEO Magne Farstad.

Facts about the two companies:

  • Powex has total revenues of 18 MNOK in 2013 and has 13 employees. The company is localised in Molde and was established in 2005.
  • PartnerPlast AS is localised in Aandalsnes and has 34 employees. Total revenues in 2013 was 114 MNOK. The company is leading within design, construction and rotational moulded polymer and is a very important supplier of offshore, seismic and industry products.
  • PartnerPlast AS was acquired by Investinor, Salvesen & Thams, Norsk Mineral og Oskar Invest earlier this year: http://partnerplast.no/News/investering-i-partnerplast-as.html

Inquiries

CEO PartnerPlast Tom Samuelsen, tlf. 901 40 845
CEO Powex Magne Farstad, tlf. 959 99 760
Aandalsnes / Molde 19.09.2019

Visit Powex website here