Italy“s Finvetro is evaluating the acquisition of the majority shareholding in CALP, based at Colle Val d“Elsa, in the area of Siena, central Italy, a national leader in the manufacture of crystal p…
Italy“s Finvetro is evaluating the acquisition of the majority shareholding in CALP, based at Colle Val d“Elsa, in the area of Siena, central Italy, a national leader in the manufacture of crystal products. Venetian Finvetro specializes in the production of vehicle headlights, washing machine doors, objects for the home and pressed glass items, with a turnover of about EUR 100,000, 700 employees and premises in Austria and Bulgaria, as well as in Verona and Brescia. CALP has been in difficulty for some time and trying to find the right way to restructure. In February, the historical partners of the group (seven entrepreneurial families from Tuscany) who hold 55% of the company, redeemed 45% of shares in portfolio to two financial funds, Fidia and Athena, and entrusted Banca Monte dei Paschi with finding an interested institutional, or preferably, industrial investor. CALP, which has 550 employees and makes 75% of its sales from exports, ended 2006 with turnover in decline at about EUR 40 million and a loss in excess of EUR 10 million. Accumulated debt is EUR 20 million and a similar amount is represented by stock on hand. Among the possible buyers, other than Finvetro, are a couple of private equities. The new shareholder will take over 100% or a controlling share of a minimum 80%. In the latter case, Fises, a Siena financial company with a minority share of 20%, will also need to act in order to save CALP. Talks on the deal are now in their final stages.