This is the sixth acquisition in less than three years for the Italian producer of premium papers and labels. Fedrigoni now owns 70 percent of a new company that will produce inner trays for boxes and cases for luxury goods made of thermoformed and biodegradable cellulose.
The new company, which has not yet been named, is a spin-off of Tecnoform, an Italian company located in Colorno that generates 20 million euros in sales by producing thermoformed elements for plastic packaging and other materials. Tecnoform retains the remaining 30% of the capital.
Initially, the new company will work for the high-end cosmetics and perfumery sectors.
"The luxury packaging sector is extremely relevant to us and we believe we can make a difference by orienting it, on a global level, towards environmentally friendly solutions, thanks to the know-how acquired so far, the synergies with the other activities of our ecosystem and the possibility of globalizing the activity, extending it from Europe to America and Asia." said Marco Nespolo, CEO of the Fedrigoni Group.
"However, the applications are endless, ranging from luxury items to technology products, from jewelry and watches to food and e-commerce packaging." underlines the paper group. Fedrigoni, which has a turnover of 1.3 billion euros for 2020, intends to develop a turnover of 25 million within two or three years.
Alessandro Groppi, CEO of Tecnoform, added: "Our two companies are extremely well matched: Fedrigoni's experience in the luxury packaging sector, its knowledge of processes and manufacturing, added to the international dimension, will be extremely valuable to us in developing new and highly innovative solutions."
