CFT S.P.A. COMPLETES THE ACQUISITION OF THE WHOLE SHARE CAPITAL OF ADR S.R.L., OF WHICH IT ALREADY HELD A 75% PARTICIPATION
The acquisition is part of a wider minorities’ acquisition plan in line with the development goals of the Group
Parma, 24 July 2020 – CFT S.p.A. (“CFT”) announces the closing of the acquisition of an interest equal to 25% of the share capital of its subsidiary ADR S.r.l., with registered office in Sala Baganza (PR) (“ADR”). Following the acquisition of said participation, CFT – which already held a stake equal to 75% of the capital of the company – has become the owner of the whole corporate capital of ADR.
The consideration for the acquisition of the stake is equal to Euro 580,000.00, plus applicable taxes. The payment of the consideration is regulated as follows: Euro 380,000.00 have been paid by CFT to the seller at the date hereof, while the remaining amount, equal to Euro 200,000.00, will be paid by CFT to the seller by the end of the twelfth month from the date hereof.
Alessandro Merusi, CEO of the CFT group stated: “The acquisition of ADR’s whole share capital is part of the integration and rationalization strategy of subsidiaries’ activities in the CFT group. This operation, as well as the spinoff of some activities from the subsidiary Levati, aims at merging all the manufacturing activities of the Group in one legal entity in order to reduce costs and to make their processes and operational structures more efficient while making them independent and, therefore, able to serve in a competitive way both the companies belonging to the CFT group and third parties.”
The acquisition is part of a wider minorities’ acquisition plan, already announced on 30 September 2019, and it is part of the integration and rationalization strategy of subsidiaries’ activities within the CFT group, in order to separate and integrate some activities in other companies belonging to the Group.
CFT is the operative holding of CFT’s group, listed since July 2018 on the AIM Italia market, organized and managed by Borsa Italiana S.p.A., active in the Italian and international context in the designing, development and production of machines and keys in hand plants destined mainly to the Food, Liquid Food and Beverage fields. The company, emerging from the Catelli family project with the building of specialized tomato processing machines, has over 70 years’ experience focused on three specific macro-areas: processing, packaging and sorting. Decades of experience and knowhow as the brand leader in its respective sectors allow the CFT Group to offer a complete range of solutions based on the most advanced technologies. Plants manufactured by the CFT Group everyday process millions of tonnes of fresh products and fill millions of special cartons, bottles and containers for multiple applications. Thanks to its innovative technological solutions, CFT Group supports its customers in delivering top-level services in terms of efficiency and quality. With over 900 employees, 15,000 references, 15 brands, 8 production sites, a comprehensive network of 10 branches, a presence in over 90 countries and revenues of Euro 251 million in 2019, CFT Group is known for its quality, innovation and reliability across the globe.
This press release is available on the CFT website: www.cft-group.com in the Investor relations/Press Release SDIR section.
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