Nordstjernan divests Sirius Machinery
Nordstjernan AB (“Nordstjernan”) has sold 100 percent of the shares in its subsidiary Sirius Machinery AB (“Sirius”) to the Italian packaging machinery group Coesia S.p.A. (“Coesia”).
Sirius (www.siriusmachinery.com) is a world leading supplier of tube filling-, cartoning-, lipstick filling-, feeding and handling machinery. Sirius provides complete packaging machinery systems for customers within the segment of cosmetics, pharmaceuticals, toiletries and food. The group has manufacturing facilities in Sweden, France and China, a turnover in 2007 of 77 MEUR, and around 500 employees.
Nordstjernan has been the owner of Sirius since 2004. The parties have agreed not to disclose the terms of the transaction.
“The management of Sirius has led a strong turnaround of the group since Nordstjernan’s acquisition in 2004. When we bought the company it had an unclear strategy and made no profit – today the group has a clear vision and the return on capital employed is over 25 percent. For Nordstjernan Sirius has been a very good investment.” says Tomas Billing, President of Nordstjernan.
“I am proud of the development of Sirius over the last years.” says Eric Sellier, President of Sirius. “Sirius fits well into Coesia’s portfolio of packaging machinery businesses and I believe Coesia can bring experience as well as access to new customers to Sirius.”