Finproject, here are the accounts and business of the company bought by Versalis (Eni)
Versalis (Eni) rises to 100% of Finproject, a Marche-based company active in the production of PVC-based compounds. All the details on Finproject's (loss-making) income statement
Versalis, the chemical company of the Eni group, aims at 100% of Finproject, leader in Italy in the compounding sector and in the production of ultralight products.
Versalis, which already holds 40% of Finproject, thus exercised the option to purchase the remaining 60% of the shares of the Marche group.
In making it known in a press release , Versalis explains that the transaction follows the initial acquisition of 40%, which took place in July 2020, of the shares of the Vei Capital fund, formerly a shareholder of Finproject.
In this way Versalis confirms its strategy to become the Italian leader in the sector of applications of high performance formulated polymers.
“The acquisition of the total share package of Finproject – commented Adriano Alfani, CEO of Versalis – is a strategic step to further accelerate Versalis' path towards portfolio specialization and access to new markets”.
We are moving towards the creation of an all-Italian leader in the supply chain of polymers for special applications.
All the details.
THE CLOSING OF THE OPERATION
The transaction will formally conclude with the closing expected in the fourth quarter of 2021, after the authorization of the competent Antitrust Authorities.
THE GOAL OF VERSALIS
“The acquisition aims to create an all-Italian skills platform” which will allow Eni's chemical company “to develop innovative technological solutions for important brands in the fashion, design and footwear sectors. In addition to industrial applications such as cables, pipes, renewable energy, construction and automotive, with significant growth prospects at an international level using a globally consolidated commercial network ”, reads the Versalis note.
EXTEND THE COMMERCIAL OFFER
Thanks to this acquisition, Versalis, the leading Italian producer of polymers, extends its commercial offer with more specialized products and with an important sustainability component, as they are also derived from renewable or recycled raw materials, ISCC Plus certified.
IN LINE WITH ENI'S STRATEGY
All this is in line with Eni's strategy focused on decarbonization, circular economy and sustainability.
WHAT FINPROJECT DOES
As stated on the website , the Finproject industrial group, with headquarters and headquarters for over 50 years in Italy in Morrovalle, in the Marche region, is an international leader in the production of compact and expanded PVC compounds.
Compounding is the mixing process between polymers and additives that allows to direct the properties of the plastic material produced.
It is also a leader in the production, marketing, molding of soles for shoes and products in ultralight materials for the most important brands in the footwear market and other industrial sectors: spa industry, automotive, furniture, safety industry.
Finproject has 11 production units, 5 in Italy and 6 abroad including the North American Foam Creations division, each specialized in a product line but all highly flexible in terms of experience, training, research and service. The group employs over 320 employees.
THE PARTNERS
With a share capital of 18,500,000 euros, the company was controlled directly by Team Srl and indirectly by Five Spa ..
In addition to the president Maurizio Vecchiola, the board includes: Stefano Soccol (vice president), Euro Vecchiola, Nicola Vecchiola, Gerolamo Caccia Dominioni, Franco Meropiali, Davide Calabrò and Alberto Navarretta.
THE NUMBERS
The Marches group recorded a turnover of 72,915,317 euros in 2020, a decrease compared to the 106,250,936 euros of 2019. The company closed the 2020 financial year in negative with a loss of 1,325,280 euros (against profit of 2,047,151 euros in 2019). The costs of production amounted to 80,830,927 euros.
The company boasts a total of tangible fixed assets worth € 10,575,974, and a total debt of € 99,105,428.
THE BREAKDOWN OF REVENUES BY GEOGRAPHICAL AREA
The 72 million euros of revenues are divided as follows: 50 million generated in Italy and the remaining 22 million abroad.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/energia/finproject-ecco-conti-e-business-dellazienda-comprata-da-versalis-eni/ on Wed, 22 Sep 2021 14:19:27 +0000.