Wrocław, Poland – Encouraged by the company’s increasing sales, Polish PU foam producer Selena is looking for acquisition opportunities abroad, with a focus on Western Europe and the US.
‘[The first] three quarters of 2022 were a difficult time for the world, the entire business community and the construction industry. Significant disruptions in supply chains, uncertainty in raw material markets and the rising inflation, impacting the construction market, have been aggravated by strong political tensions observed since the beginning of the year,’ Selena said in a statement.
Jacek Michalak, CEO of Selena Group, said his company was ‘able to cope with the challenges of the reporting period by successfully adapting to the rapidly changing market conditions.
‘Our actions and ideas aimed at reducing working capital brought the desired effect and directly helped our cash flows. We expect this situation to be maintained in subsequent periods. We will continue to manage our working capital with great care and attention in order to improve our cash flow position.’.
According to the statement Selena plans to focus on Western markets and sees the region as ‘the source of prospective improvement of sales performance’.
‘The concentration on Western Europe and the US, where we redirected our supply from eastern markets, is already bringing positive results. We want to do business in safe areas, so this will be our main strategic destination in the following periods. We are still actively looking for acquisition targets. In addition to security aspects, we also find it important to acquire a recognisable brand and gain market access,” said Michalak.
Selena has posted improved financial results for the first nine months of this year. The company reported revenues of about PLN 1.49bn (€316.3m), an increase of 16.3% compared with the same period in 2021. The group’s operating profit rose to PLN 120.6m (€25.6m), up a robust 42.3 percent.
Selena operates plants in Poland, Spain, Romania, Brazil, Turkey, China, South Korea, and Kazakhstan, according to data from the company.
The producer’s brand portfolio includes Tytan Professional, Quilosa, Artelit and COOL-R, which Selena supplies to some 100 markets.