Sirmax Buys Bioplastics Manufacturer
Acquisition Is Part of Aggressive Growth Strategy
Sirmax, Padua, Italy, takes over the Italian company Microtec. With this acquisition, the plastics manufacturer intends to further expand its range of bioplastics. Sirmax will invest a total of EUR 20 million in the business. This includes both the acquisition sum and investments in a significant expansion of production capacities. The compounder did not disclose the purchase price.
Microtec, a Venetian company, has an annual turnover of EUR 19 million and 20 employees. It produces about 8000 t of bioplastics annually. Within three years, the volume is now to double to 16,000 t/a, thanks to further extrusion lines.
Double Turnover in Just Five Years
It is the company’s second takeover in this year. In January Sirmax acquired the Italian plastics recycling company Società Europea di Rigenerazione (SER). Both acquisitions are part of the company's aggressive growth plan. The plan envisages doubling sales from EUR 300 million to EUR 600 million by 2023. Investments of EUR 80 million are planned for this purpose.
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