Fedrigoni has acquired 70% of a NewCo which will produce interior trays for boxes and gift boxes for luxury items entirely in thermoformed, biodegradable and environmentally friendly cellulose instead of plastic.
The recently signed agreement, which was announced yesterday (August 30), is with Tecnoform, a Colorno company, in Parma, Italy.
Tecnoform, which will retain the remaining 30% of the capital, is specialized in the production of trays, displays and internal packaging elements, in plastic and other materials, which are used in industrial sectors such as cosmetics, fashion, toys. and food.
The NewCo is a spin-off of the Tecnoform company which is dedicated to the development of innovative packaging products to replace plastic with thermoformed cellulose, thanks to an exclusive technology.
While the company will initially focus on the high-end cosmetics and perfumes sectors, Fedrigoni said the applications “are endless,” ranging from luxury items to technology, jewelry and watches to watches. food and electronic commerce.
Fedrigoni aims to develop this business to reach a turnover of 25 million euros (21.5 million pounds sterling) in the next two to three years.
“The agreement with Tecnoform is a new step on the path of innovation to provide the market with more efficient paper substitutes for plastics. This is one of the main axes of our sustainable development policy for which we have set ambitious goals for 2030 ”, declared Marco Nespolo, CEO of the Fedrigoni group.
“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 solutions that respect the environment, thanks to the know-how acquired so far, synergies with other activities in our ecosystem and the possibility of globalizing business, extending it from Europe to America and Asia.
Tecnoform CEO Alessandro Groppi added: “Our two companies are extremely well matched and Fedrigoni’s experience in the luxury packaging industry, process and manufacturing knowledge, added to the global dimension, will be crucial in helping us develop new, highly innovative solutions. . “
The deal is the sixth in the past three years for Fedrigoni, including four in the past 18 months in the self-adhesive industry.
Since early 2020, the company, itself acquired by Bain Capital four years ago, has acquired the Italian company Ritrama, the Mexican company Industria Papelera Venus, the American manufacturer and distributor Acucote, and Ri-Mark, one of the main distributors in Mexico, of which it already held 30%.
Founded in 1888, Fedrigoni employs more than 4,000 people worldwide and distributes in 130 countries.