LONDON - Venture capital company Electra Fleming Ltd. has acquired leading Italian plastic closure manufacturer Guala Closures SpA for an undisclosed sum.
The purchase of family-owned Guala of Alessandria, Italy, is part of Electra Fleming's plan to bring together leading companies in Europe's plastics packaging industry. Guala is a pioneer and leader in tamper-evident alcoholic-beverage closures.
In April, the London-based investment firm took over Polybox Group of Milan, a major Italial molder of PET bottles and preforms, through its Milan-based Italian associate company B&S Electra SpA.
"Guala has enjoyed sustained growth since its creation in the 50s. Our acquisition and the injection of a new, agressive management take the company into an exciting new phase in its development," said Electra Fleming director Antony Acciari.
The London company made the purchase through Polybox, which has four plants in Italy. Polybox, with 1997 sales of nearly $42 million, also molds polyethylene and polypropylene bottles for detergents and cosmetics.
Guala, with 1997 sales of $67 million, has plants in Italy, Spain, India and Colombia, and joint venture agreements in Mexico and Brazil, according to Electra.
A primary market for Guala is Britain's Scotch whisky sector. Developing markets in India, China and Latin America accounted for 24 percent of 1997 sales.
Guala will be headed by Marco Giovannini, Polybox chief executive and former sernior vice president of CarnaudMetalbox. Giovannini is also a co-investor in Guala.