Home / News / IMA picks stake in firm making wet wipes producing machine

IMA picks stake in firm making wet wipes producing machine

03 Feb '15

2 min read

Manufacturer of automatic machines for various industries, IMA has picked a 60 per cent stake in Teknoweb Converting Srl, which is into production of converting machines for wet wipes.

IMA has inked the deal with Teknoweb for around €6 million, with payment of €1.2 million to be done on signing and the remainder at the closing of the deal expected to complete by end-February.

IMA has also been given an option to purchase the rest of the 40 per cent stake in the joint venture currently held by Teknoweb S.r.l. between 2018 and 2024.

As of December 31, 2014, Teknoweb Converting posted revenues of €12 million and EBITDA of €1.5 million with good growth prospects anticipated from overall support of IMA.

Alberto Vacchi, IMA’s CEO said, “The growth in the wet wipes market entails a search for efficiencies in this field and the need on the part of customers to integrate the various technologies involved in the production line.”

“It is definitely in our interest to contribute to the growth and development of the companies that form part of our Group by creating internal and external synergies through targeted acquisitions, he added.”

Established in 1961, IMA is world leader in the design and manufacture of automatic machines for the processing and packaging of pharmaceuticals, cosmetics, tea, coffee and food.

The Group has more than 3,700 employees, more than 1,500 of whom overseas, and can count on 24 production plants in Italy, Switzerland, the United Kingdom, the United States, India and China. (AR)

Fibre2fashion News Desk - India