Italy-based Fedrigoni has signed an agreement to acquire Italian self-adhesive products makerRitrama.
Ritrama, whose products include coated and uncoated roll label paper for consumer product packaging as well as airport luggage tags, reported sales of 400 million euros in 2018. Fedrigoni had sales of 1.2 billion euros in the same period. |
The deal is worth between 250-300 million euros ($278-$333 million), the source said.
‘Strong synergies exist between the businesses of Arconvert and Ritrama,’ noted Marco Nespolo, CEO at Fedrigoni. ‘Both companies operate with excellent results on largely complementary markets, with Arconvert specialising in self-adhesive labels manufactured from speciality papers, and Ritrama focusing on the production of self-adhesive plastic films.’
Mr Nespolo continued, ‘Our pressure-sensitive labels segment, which is already showing very positive results, will now be larger, broader and more competitive, in a market that continues expanding in all segments and geographies, on a global level. Ritrama has a healthy, truly Italian, yet international, DNA, just like the Fedrigoni Group.’
“I am very proud of this transaction,” said Tomas Rink, president of Ritrama, “which ensures the Ritrama Group and its organization will continue to grow in a healthy and rapidly-expanding industrialreality, the Fedrigoni Group. Ritrama and Fedrigoni share common values.”
The Rink family, founders of Ritrama, will maintain ownership of and continue to manage Ritrama’s North American operations, while continuing its business partnership with the rest of the group.
The Ritrama deal is expected to close in the first quarter of 2020, the companies said in the statement. Rothschild was the financial adviser for Fedrigoni, while Tamburi Investment Partners advised Ritrama. |
