BAVARIA Industriekapital AG acquires Sabiñanigo foil site from Alcoa. New owner of foil manufacturing site to retain all employees
Friday, 23.10.2009 -
BAVARIA Industriekapital AG announced the purchase of the Sabiñanigo foil manufacturing site from Alcoa today. Alcoa announced in January 2009 its intention to sell the business. The Sabiñanigo site produces aluminium foil for flexible packaging applications and generates revenues of more than 50 million Euros. It has been in operation since 1927 and has developed market-recognised expertise while offering leading customer service in its core flexible packaging markets in Western Europe.
In the transaction, which is subject to the formal approval of the German cartel authorities, BAVARIA is providing reliable, lasting guarantees of the business's long-term continuity and plans to retain all its current employees while continuing the comprehensive manufacturing initiatives started by Alcoa. In addition, Alcoa will continue to supply the site with the main raw materials on the basis of a long-term supply contract.
The BAVARIA Industriekapital AG group, headquartered in Munich, has made a speciality improving businesses through the implementation
of lean manufacturing concepts, combined with delivering high quality and reinforcing a dedicated and strong customer focus. Managing director Broder Abrahamsen, who managed the Sabiñanigo acquisition, said of the site: "We were impressed with the skill and professionalism of the staff, and the level of service the site can offer to its customers. The enthusiasm of the staff and their explicit approval of our transaction, together with the implementation of our BAVARIA Operating System, will ensure that Sabiñanigo can compete even more successfully in its market. To that end, we also want to work closely with our customers in the conversion industry to see how we can best serve their needs.“
Besides, BAVARIA Industriekapital AG has recently announced the start of a share buy-back program. In the period from October 2009 to 28 November 2010, up to 488,464 own shares will be acquired via the stock exchange. More information on the share buy-backs can be found on BAVARIA’s website.
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