IPL Plastics “going public” seeking Canadian IPO of US$155 million
28 Mar 2018 --- Irish packaging company, IPL Plastic, is considering an IPO on the Toronto exchange of US$155 million. Formerly One51, the Irish company has recently expanded into North America, purchasing a number of companies such as Encore Industries Inc. of Sandusky, Ohio and Macro Plastics Inc. of Fairfield.
The IrishTimes has reported that the company is understood to be aiming to raise about US$155 million in its Canadian initial public offering. It is also said to be backed by the Caisse de Depot et Placement du Quebec, Canada’s second-largest pension fund, and Fonds de Solidarite FTQ.
It was a fruitful financial year for IPL Plastics, as they reported in their first annual financial results that profits from continuing operations rose 9.3 percent to 17.6 million euros (US$21.8 million), and sales jumped 36.2 percent to 474.4 million euros (US$588.3 million). Overall, their full-year earnings are up by 46 percent.
The company has evolved since it is inception in 1939. It began manufacturer household foods and then went on to making rigid plastics for packaging, environmental containers and industrial products. It has multiple production facilities in Ireland, the UK, North America and China, according to its website. Last year, in 2017, the company decided to fully focus on plastics and changed its name to IPL plastics.
