Grifal acquires the operational arm of Tieng

Grifal Group, a Bergamo, Italy-based SME listed on the Aim Italia market that designs and produces innovative eco-sustainable packaging, has further strengthened its position by signing a binding agreement for the purchase of 100% of a newco to which Zanica (Bergamo) based company Tieng, already a Grifal supplier, will transfer its resin bonding and packaging automation business.

The value of the transaction amounts to €1,031,205. The business unit covered by the agreement posted a 2019 value of production of €2.8 million, an EBITDA of approximately €160,000, a break-even net result and an NFP of approximately €152,000.

“The acquisition of Tieng meets strategic and technical goals, and also ensures that the expertise acquired in recent years of collaboration will be kept within the group,” explained Grifal’s Chairman Fabio Gritti. “In particular, Tieng developed the adhesive application equipment currently used by Grifal and by Grifal’s customers on the cArtù production lines.”

Grifal also intends to begin optimising its organisational structure to enable it to concentrate all its design and production efforts on machinery and particularly on the production lines for corrugated materials, including Mondaplen and cArtù brand products.

Giancarlo Boffi, general manager of Tieng, has been appointed head of the newco. During the year the new company will build the much-anticipated first cArtù® 4.0 production line with integrated digital printing. This will be installed at Grifal’s facility in place of the existing line, which in turn will be relocated to Timisoara to serve several large customers already operating in Romania.