Strategy and Technology
Grifal Group, a technology company and innovative SME listed on AIM Italy, active in the industrial packaging which designs and manufactures innovative and environmentally sustainable performance packaging, through the signing of a binding agreement to purchase 100 percent of the share capital of a limited liability company (“newco“) into which Tieng Srl, a company based in Zanica (BG) and founded by the Boffi family, will make the transfer of the business complex concerning the design and manufacture of resin bonding equipment and machinery and for thepackaging automation.
The business under the acquisition agreement had a 2019 production value of 2.8 million euros, Ebitda of about 160,000 euros, a breakeven net income, and NFP of about 152,000 euros. The binding agreement was signed after the completion of a satisfactory accounting, financial, tax, legal and technical due diligence process. The transaction is expected to be finalized by March 2021. At closing, the newco will have no tax liabilities and will have a balanced net financial position.
Fabio Gritti, President of Grifal
Through the finalization of the transaction, Grifal initiates a process of optimization of its organizational structure that enables it to concentrate all of its machinery design and production activities and in particular the production lines of corrugated materials related also to Mondaplen® and cArtù® brand products. In this way Grifal will be able to form a single business area, which will be led by Giancarlo Boffi as CEO and General Manager of the newco, bringing together all the technological and plant engineering side, thus benefiting from the know-how of both companies and the increased focus on the specific business.
“The acquisition of Tieng responds to strategic and technical objectives,” explains Fabio Gritti, president of Grifal, “and also allows us to keep within the group the know-how acquired over the last few years of collaboration, in the development of ripple groups. In addition, the technical and entrepreneurial skills of Giancarlo Boffi, who will be the managing director of the new company, will allow us faster and more efficient development of the production lines that we will use directly or offer to more environmentally conscious packaging manufacturers. Later this year, the new company will implement themuch-anticipated first cArtù® 4.0 production line with integrated digital printing, which will be installed in Grifal to replace the already broken-in line, which will be repositioned in Timisoara to serve a number of large customers already active in Romania.”
Giancarlo Boffi, general manager of Tieng
Tieng has developed in recent years the adhesive application equipment currently used by Grifal and Grifal customers on cArtù® production lines. It is an engineering and manufacturing company for resin and adhesive bonding and packaging automation plants and machinery, known and appreciated internationally with plants installed all over the world.
“With our technological expertise, 30 years’ experience in machinery design and construction, installation, service and spare parts management services combined with Grifal’s product know-how, patents and broad customer base, we can make the production of new equipment and new corrugating and gluing lines much more efficient with the goal of Making even better performing machinery in the field of environmentally sustainable packaging. In addition, being within the Grifal Group will allow us to develop projects that have long been in the drawer to properly emphasize the role of supplier-consultants that we have been able to win internationally.”
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Full details of the transaction are contained in the price-sensitive financial release available in the Investor Relations area > > Press Releases.