Films manufacturer Manuli Stretch (Milan / Italy; www.manulistretch.com) is undergoing major restructuring. Investment firm Oxy Capital (Milan; www.oxycapital.it) and the Credito Fondiario bank (Rome / Italy; www.creditofondiario.eu) have acquired a majority 80% stake in the PE stretch film manufacturer, with the remaining 20% to stay with the Sandro Manuli family. The agreement was signed on 24 September 2018 with the consent of Manuli's principal creditor Intesa Sanpaolo (www.intesasanpaolo.com).

The group will be renamed M Stretch and placed under new management. At its four plants in Germany, Argentina and Brazil, the company operates capacities for 250,000 t/y of stretch films. It also has seven sales branches in Europe. Its main factory is at Schkopau / Germany.

Manuli Stretch generated revenues of EUR 280m in 2017, with an EBITDA of just EUR 9m – too little to sustain its EUR 55m debt, which Oxy is taking over. Credito Fondiario is also granting a EUR 12m loan to put the new business plan into action. This provides for reorienting production and distribution to higher quality products, as well as an improvement of efficiency of current production. Further details are not given. The family will withdraw from management, giving Oxy full operational control.