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.
Yesterday BWX also announced un-audited results for the last financial year. It received a boost from a pandemic pivot into hygiene products, with a revenue increase of 25 per cent to $187.6 million.
Pictured: Products from BWX’s Sukin brand
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