World leader in the manufacture of computer-controlled work centres for wood and glass, Biesse, will seek a listing on the Milan stock exchange. The operation should be completed by the end of 2001, a…
World leader in the manufacture of computer-controlled work centres for wood and glass, Biesse, will seek a listing on the Milan stock exchange. The operation should be completed by the end of 2001, as soon as an increase of capital amounting to a maximum of 10,694,958 new shares has been approved. The global sponsor and coordinator shall be a joint venture between Mediobanca and Deutsche bank ,while Lazard Bros. will have the role of advisor. The intention is to have a float of 35%. Biesse, 93% controlled by the Selci family and, in 2000, with a 40% market share, realized net profits of Itl 32 billion compared to Itl 17 billion in 1999. Sales in 2000 came to Itl 683 billion, 26.5% higher than 1999. This will “ensure greater dispersion of our distribution network and finance acquisitions in Italy and elsewhere,” said the head of their wood division, Stefano Porcellini. Biesse has 14 plants around the world and has clients ranging from Ikea to small producers.