Sipol: Tecnogi acquires majority of shares
Tecnogi S.p.A., former minority shareholder and founding partner of Sipol S.p.A., has completed the extraordinary acquisition of the majority of Sipol’s share capital. Since long time, both companies were cooperating in the footwear market, exploiting various synergies in terms of both technological know-how and global positioning.
Thanks to this acquisition, Tecnogi accomplishes the strategical target to grow its own business, extending it also to other industrial sectors like biodegradable polymers, techno-polymers, automotive, packaging and textile, strengthening, in this last business segment, the historical partnership with Cepat AG, a Swiss company based in Chur and owner of the Cepatex brand (copolyesters, copolyamides and polyester elastomers).
Tecnogi, founded by the family Giardini family in 1979, is a leading manufacturer of both reinforcement materials and of impregnated and plastic materials for toe-puffs and counters in shoe manufacturing. It has a turnover of EUR 42 million, where 75 % comes from its export activities, and has 65 employees. The headquarter is in Borgolavezzaro (NO), Italy. In addition to the recent acquisition of Sipol, Tecnogi was already controlling a group of Companies of Excellence like TecnogiPlast SPA, active in the production of extruded materials, Tecnogi Jasmine, based in Hang Zhou in China, active in the production and marketing of toe-puffs and counters mainly for the Asian market and Tecnogi India PVT Ltd. a joint venture company that processes and distributes Tecnogi materials in the Indian market.
Following the Sipol acquisition, the consolidated turnover of the Tecnogi group for 2019 is expected to be around EUR 86 million.
Sipol SPA, founded in 1999, and based in Mortara (PV), is active in the formulation and polymerization of co-polyesters and co-polyamides designed for hot-melt adhesives market, engineering plastics and biopolymers. With a turnover of EUR 25 million, mainly generated by European, Asian and American customers, Sipol has 40 employees. In the engineering plastics sector, Sipol is well known to be one of the few European producers of elastomeric co-polyesters (TPC-ET), marketed under its own Sipolprene brand. This operation allows Sipol to confirm its long-term strategy as a flexible and independent manufacturer, together with the strengthening of its global presence, which is also achieved thanks to the contribution of the foreign branches of the Tecnogi group.
Gianni Zanetti, CEO of Tecnogi commented: “There is great and common satisfaction spread between property and management for the conclusion of this operation, strongly desired and pursued with great determination. This represents a unique and extraordinary opportunity for the growth of the Group in the year that celebrates the 40th anniversary of Tecnogi constitution.
Massimo Cattaneo, CEO of Sipol, declared: "Among the various options, this is the most welcome and the best one under all points of view. The industrial plan developed together with the acquisition project is ambitious, but I believe that, thanks also to the support of Tecnogi, all goals will be timely achieved.”