With its acquisition, long in the works, Italy's SO.F.TER grows in size, expands its offerings for the automotive industry, particularly in Germany, and also gains a better position for the supply of fiber reinforced compounds.
PGroup, based in Ferrara, Italy, there compounds polypropylene, PBT and polyamide; it also has a sales office in Stuttgart, Germany. The compounder was under court control after its bankruptcy, and SO.F.TER (Forlì, Italy), had "leased" it from April 2010 and was co-managing the business during it bankruptcy. Following court approval, SO.F.TER has formally acquired PGroup.
"The acquisition of PGroup represents a significant step forward in our growth strategy and allows us to rank among the top three independent compounders in Europe in terms of volumes, with 120,000 tons' projected sales for 2011," said Stefano Zocca, managing director of SO.F.TER, in a company release. "The first and most important result of this operation is a remarkable increase of the business with Germany, where the SOF.TER. Group strengthened its presence, particularly in the automotive industry. Moreover, the development of synergies in the production and commercial areas has just started and we expect to achieve important results in the near future."...