RADICI
Focus on PA compounds and fibres / Aussapol to Selenis / Merger with La Seda not in sight
The Radici Group (I-24122 Bergamo; www.radicigroup.com) is pulling out of PET and selling its subsidiary Aussapol (I-24126 Bergamo; www.aussapol.com). The divestment is part of Radici´s new focus on basic polymers, compounds (PA 6 and PA 6.6) and fibres, said Angelo Radici, president of the group. Aussapol will be taken over by Selenis SA (P-7301-952 Portalegre Codex; www.selenis.com). Radici has not yet said whether it plans to divest preforms producer Caucasian PET Company, based at Rustavi in the CIS republic of Georgia.
Aussapol was set up at the end of 1988 as a move towards diversification. However, Radici evidently considered the company too small to be viable strategically, especially in view of the substantial investment that would be needed to expand. Aussapol has two plants in San Giorgio di Nogaro, which employ 140 and have a combined capacity of 145,000 t/y of PET. In 2003, Radici´s four divisions – Chemicals, Plastics, Fibres and Textiles – posted combined sales of EUR 1.2 bn, with Chemicals and Plastics claiming one-third of the total.
Boosted by its own granule capacity of 70,000 t/y (in addition to 20,000 t/y for the fibres market), Selenis will have an overall capacity of 205,000 t/y, almost enough to catapult the company into the top ranks of European PET producers. There has been talk of a merger with Spain´s La Seda de Barcelona´s PET segment with an envisaged annual capacity of 180,000 t/y – see PIE 15, 2004. However, whether this scenario is realistic remains to be seen, particularly as the private equity consortium Imatosgil Investimentos / Inversiones Ibersuizas recently decided not to bid to acquire a further 10% of La Seda´s capital.
Aussapol was set up at the end of 1988 as a move towards diversification. However, Radici evidently considered the company too small to be viable strategically, especially in view of the substantial investment that would be needed to expand. Aussapol has two plants in San Giorgio di Nogaro, which employ 140 and have a combined capacity of 145,000 t/y of PET. In 2003, Radici´s four divisions – Chemicals, Plastics, Fibres and Textiles – posted combined sales of EUR 1.2 bn, with Chemicals and Plastics claiming one-third of the total.
Boosted by its own granule capacity of 70,000 t/y (in addition to 20,000 t/y for the fibres market), Selenis will have an overall capacity of 205,000 t/y, almost enough to catapult the company into the top ranks of European PET producers. There has been talk of a merger with Spain´s La Seda de Barcelona´s PET segment with an envisaged annual capacity of 180,000 t/y – see PIE 15, 2004. However, whether this scenario is realistic remains to be seen, particularly as the private equity consortium Imatosgil Investimentos / Inversiones Ibersuizas recently decided not to bid to acquire a further 10% of La Seda´s capital.
19.08.2004 Plasteurope.com [200655]
Published on 19.08.2004