Sirmax focuses on bioplastics and acquires Microtec

Sirmax Group, an Italian multinational (based in Cittadella, Padua) specialising in the production of thermoplastic resin compounds such as polymers and technopolymers, is stepping up its efforts in the context of the circular economy.

After entering the world of post-consumer plastic recycling with the acquisition of SER (Società Europea di Rigenerazione) based in Salsomaggiore Terme (Parma) in January this year, the group has announced the acquisition of a 70% stake in Microtec (Millaredo di Pianiga, Venice), a company that formulates masterbatches, biobased and compostable compounds for bags and flexible packaging.

The €20 million deal fits in with the group’s 2019-2024 business plan and will involve the construction of a new manufacturing unit to complement the Venice-based company’s plant, effectively doubling production capacity from 8,000 to 16,000 tons/year by January 2020. Microtec was founded in 2012 by Diego Lombardo, who will maintain a 30% stake and stay on at the helm of the company. It has a workforce of 20 people and annual revenue of €19 million.

Sirmax has already prepared a further two €20 million investment tranches. The first will serve to double the production capacity of SER, while the second will be used to build a new factory in the USA (Ser North America) following the production site already opened in 2015. Based on the 2019-2024 business plan, the group intends to increase revenue from €300 million to €600 million within five years.