The purchase agreement for the acquisition of around 79% of the share capital of Huta Szkla Czechy (HSC) was carried out on 3 March 2011 for a total price of slightly less than EUR 7 million. The purc…
The purchase agreement for the acquisition of around 79% of the share capital of Huta Szkla Czechy (HSC) was carried out on 3 March 2011 for a total price of slightly less than EUR 7 million. The purchase was made through a bank financing which does not affect the already low financial debt of the Zignago Vetro Group. HSC is a Polish company, with registered office and manufacturing plant in Trabki, in the Masovia region, not far from Warsaw. In 2010 the company, which has over 300 employees, generated revenues of approximately Euro 14 million, an increase of almost 30% compared to 2009, with an EBITDA margin of approximately 11%. The net financial debt of the Company is around EUR 8,000. HSC is a company with high potentiality, that operates in niches of the global market of glass containers for cosmetics and perfumery, and also for food and beverages. HSC supplies its customers primarily with a wide range of personalized products. HSC is located in a strategic geographical area, both because of the potentiality for growth of the Polish market, and because of its location, in between of the traditional EU markets and of the high-growing Eastern Europe markets. Franco Grisan, President and Managing Director of Zignago Vetro and new President of HSC stated: This transaction announced today is fully consistent with the Zignago Vetro“s strategy, which aims to grow and strengthen both organically and by acquisition and to increase its flexibility with a view of broadening its offer and its reference markets. Receiving the parent company“s know-how will permit a comfortable and profitable development for HSC and will allow Zignago Vetro to expand its own production process by integrating manufacturing processes that are currently not being performed. These new synergies between companies of the Group and the direct presence in markets that are very interesting for us, will increase the value of our company. The companies of the Zignago Vetro Group manufacture high-quality glass containers for foods and beverages, and for cosmetics and perfumery, as well as speciality glass bottles for the wine and spirits market, for both the domestic and international market.