Premier Tech buys Chronos Holding, U.K.
January 01, 2003
by Emily Buckley
Rivière-du-Loup, Canada — Premier Tech has announced the acquisition of U.K.-based Chronos Holdings Ltd., a move that positions Premier Tech’s packaging business area amongst the world’s top five players in the field of flexible industrial packaging equipment.
Earnings will rise from approximately U.S.$25.7 million to nearly U.S.$64.2 million on an annualized basis.
The acquisition means some 300 new members will join the Premier Tech team, with locations in Europe (260), Asia (25) and North America (15).
Founded in 1881, BMH Chronos Richardson is one of the leading manufacturers of packaging systems and equipment
for powders and granular material. Its major product lines, which will complete and diversify Premier Tech’s existing lines, include weighing systems, open mouth bagging systems, valve bag systems and palletizing systems.
Mostly active in Europe and Asia, Chronos Richardson will boost the company’s packaging business area’s presence on these markets, while helping it speed up and increase its penetration of the North American market.
With this investment, Premier Tech, already supplying North American packaging systems for organic material, creates a major opening in the food, chemical and mineral markets, while completing its line of technologies to better meet its clients’ needs.