BWX to raise $50 million, increase capacity at planned new factory
By Staff Reporter
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ASX-listed beauty products manufacturer BWX launched a $50 million capital raising yesterday, which will support efforts including a new $33.7 million site which will allow them to triple manufacturing capacity.
A fully underwritten institutional placement of $3.40 per share will raise $40 million, with then remaining $10 million from a share purchasing plan. Macquarie Capital and Bell Potter are underwriting the placement and are lead manager for the deal.
BWX has five brands and an emphasis on “natural” personal care products for skin, hair and body.
The new manufacturing and R&D site is being chosen from three possible locations in Victoria. AAP reports that it will triple manufacturing capacity, with four highly-automated, high-speed lines compared to the current nine slower, semi-automated lines.