Italian group Industrie Zignago Santa Margherita SpA, with interests in the production of glass containers, fine wines and linen yarns, has signed a deal for the incorporation of three glass companies…
Italian group Industrie Zignago Santa Margherita SpA, with interests in the production of glass containers, fine wines and linen yarns, has signed a deal for the incorporation of three glass companies operating in northeastern Italy into glass wholesaler Vetri Speciali, it was reported on 11 October 2004. The firms involved in the agreement are Attivita Industriali Friuli, which is 51% controlled by Zignago, Vetrerie Venete (14.7% held by Zignago) and Nord Vetri. The first phase of the operation included the acquisition on behalf of Zignago of a stake in Vetri Speciali. In the second phase, Vetri Speciali will acquire Nord Vetri, Vetrerie Venete and Attivita Industriali Friuli for some EUR 127.7 million (USD 157.9 million). The operation will be financed with a EUR 30 million (USD 37.1 million) increase in capital and EUR 97.7 million (USD 120.8 million) in bank credits. The final phase will see the incorporation of the three companies into Vetri Speciali.