Italian Holding company Cifin Srl (Modena, northern Italy) has signed an agreement to acquire the German Group Elumatec, a leader in the design, production and marketing of machines, lines and plants, for the processing of aluminum, PVC and light alloys.
Thanks to the acquisition, Cifin Srl will develop strong synergies between Emmegi (already controlled by Cifin) and Elumatec. The new industrial entity can now count on six production plants: five in Europe and one in Asia and a workforce of about 1,200 employees. Annual turnover is expected to be about €225m.
In 2015 Cifin S.r.l. posted a turnover of about €105m (80 per cent was generated in foreign markets).
Valter Caiumi, Chairman of Cifin said:
“This acquisition will create the largest group in the sector of aluminum profiles, combining know-how, technology and international expertise. We will have the opportunity to go beyond our market target, primarily related to the construction industry, offering innovative technologies to other industries.”
The Group Elumatec was founded in 1982 and currently employs approximately 700 people with a turnover of about €120m. In addition to the headquarters and production plant in Mühlacker (Stuttgart), Elumatec also has a manufacturing plant in Bosnia Herzegovina and a network of around 30 subsidiaries and distributors in over 50 countries.
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