BEWI's trading business merge with STOK Emballage, forming a leading North European packaging business

24 Oct 2024 08:59 CEST

BEWI, a leading provider of packaging, components, and insulation solutions,
today announces that the company has entered into an agreement to merge its
traded food packaging business with STOK Emballage ("STOK"), forming a leading
Northern European packaging solutions business. BEWI will receive a cash
consideration of EUR 20 million in addition to an ownership position in the
combined entity of approximately 15 per cent.

"Partnering with STOK presents a unique opportunity to further expand the traded
food packaging business with a highly capable partner," says Christian Bekken,
CEO of BEWI.

BEWI's traded food packaging business is currently reported under the Packaging
& Components segment and includes net sales of approximately EUR 75 million. The
business has a solid position within food packaging in Norway and Iceland, with
a particular focus on the seafood industry. STOK is a leading value-added
distributor of protective packaging in Denmark and Greenland and provides a one
-stop solution of packaging products, machinery, logistics services and
regulatory and compliance advice. The company has strategically located
warehouses in Denmark, Greenland and Norway. The complimentary combination of
BEWI's traded food packaging business and STOK creates a leading packaging
distributor across Denmark, Norway, Iceland and Greenland. In 2023, STOK had
sales of EUR 113 million, thus the combined company will have annual sales of
close to EUR 190 million and a clear strategy for further growth.

"STOK is an ideal partner for our traded packaging business, and we are truly
looking forward to join forces with their team of industry experts. They have an
impressive track-record of profitable growth over several years, and their broad
and diverse product portfolio complements ours very well, creating a strong
potential for synergies and further growth opportunities," Bekken continues.

The partnership aligns with BEWI's previous communication regarding the
consideration of strategic partners for its divisions and intention to increase
exposure to insulation and other energy-efficient solutions. The sale simplifies
the structure of BEWI's packaging business, while at the same time increasing
the group's cash position and financial flexibility, enabling the company to act
on opportunities which will accelerate growth and enhance shareholder value.

The agreed consideration will be settled in EUR 20 million cash, and an
ownership position in the combined company of approximately 15 per cent. Closing
of the transaction is expected to take place during the fourth quarter of 2024
or first quarter of 2025.

Contact:

Charlotte Knudsen, Chief Communications and IR Officer BEWI ASA, tel: +47 9756
1959

About STOK Emballage

Founded in 1978 and headquartered in Langeskov, Denmark, STOK Emballage is a
leading one-stop-shop distributor of protective packaging, offering a
comprehensive range of customisable and standard packaging materials, on-site
machinery services, warehousing solutions and advisory services. With a leading
position in Denmark and a rapidly expanding international presence, STOK caters
to a diverse customer base across the food & beverage, consumer lifestyle,
industrial, and healthcare sectors. The company has historically experienced
strong organic and acquisitive growth, completing 13 acquisitions over the last
26 years, five of which were in the previous three years.

STOK is owned by funds advised by A&M Capital Europe and the Stok family and
management, and has a strong heritage and innovative mindset, achieving
significant growth through both strategic excellence and successful
acquisitions.

About BEWI ASA

BEWI is an international provider of packaging, components, and insulation
solutions. The company's commitment to sustainability is integrated throughout
the value chain, from production of raw materials and end goods, to recycling of
used products. With a vision to protect people and goods for a better every day,
BEWI is leading the change towards a circular economy.

BEWI ASA is listed at the Oslo Børs under ticker BEWI.

The information is such that BEWI ASA is required to disclose in accordance with
the EU Market Abuse Regulation. The information was submitted for publication,
through the agency of the contact person set out above, at 08:50 CEST on 24
October 2024.

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