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News Release from: Polestar
Edited by the Printingtalk Editorial
Team on 03 August 2004
Polestar's Funding And Restructured,
Reduced Debt
Polestar Group has successfully raised new funding to complete its current investment programme, known as 'Project True North' and has restructured its debt obligations.
Polestar Group has successfully raised new funding to complete its current investment programme, known as 'Project True North' and has restructured its debt obligations The new funding, which received unanimous support from the Group's bank syndicate, represents a further commitment of ?74 million from the Group's majority shareholder, Investcorp
This article was originally published on Printingtalk on 24 Mar 2004 at 8.00am (UK)
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Those transactions have reduced the Group's indebtedness and provide the Group with a substantially strengthened balance sheet and enhanced financial flexibility.
The True North projects include over ?120 million of investment in new 3.88 metre wide Cerutti presses, bindery and poly-bagging equipment at a greenfield gravure facility currently under development in Sheffield (UK) and at other existing group facilities.
The investments are already underway and the new facility in Sheffield will be operational by May 2005.
The substantial investment in the latest technology at both existing sites and the greenfield site would allow for significant improvements in work flows for the benefit of all the Group's customers.
Describing these investments in the business, Polestar's chief executive officer, Barry Hibbert, said: "These investments further strengthen Polestar's position as the UK market leader, enhancing the group's cost base and providing printing, binding and poly-bagging capabilities that are unmatched in the local market or by those Continental printers currently serving the UK gravure market.
Together with the Group's existing gravure and web offset network, these new investments allow us to continue to offer our customers unmatched manufacturing flexibility, product quality and service levels." Describing the transactions most recently concluded, Polestar's chief financial officer, Peter Johnston, said: "The continued support of Investcorp and our bank syndicate has provided the Group with significantly enhanced financial flexibility and as a result the Group's balance sheet has been considerably strengthened.
Our stronger financial standing will allow us to further invest in new presses to support the growth plans of our key customers.
The demonstration of continued support from the Group's financial stakeholders gives security to the Group's customers, suppliers and employees.".
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