DÜSSELDORF, GERMANY (Oct. 26, 11:15 p.m. EDT) — Negri Bossi SpA, an Italian injection press maker, plans to go public before Nov. 10, officials said at K 2001 in Dusseldorf.
Milan, Italy-based Negri Bossi currently is owned by investment firm Private Equity Partners, also of Milan. PEP bought Negri Bossi from Kvaerner ASA of Oslo, Norway, in 1999.
The initial public offering on the Milan stock exchange should raise $50 million. The company's main objectives are to develop new products, make acquisitions, and expand commercial activity into new markets, including Brazil.
Negri Bossi reported sales of about $50 million in the first half of 2001, up about 7 percent from the first half of 2000.
Massimo Colombo, director of international sales, said Negri Bossi will become the first Italian plastics machinery manufacturer to be publicly traded.
Negri Bossi has gone through several ownership changes in the past decade. In 1989 its owner, John Brown Plastics Machinery Inc., was acquired by England's Trafalgar House plc. In 1996 Kvaerner bought Trafalgar. In 1998 Kvaerner put John Brown up for sale. Madison Capital Partners of Chicago subsequently bought five of the six Brown units — everything except Negri Bossi. PEP spent $51 million to buy Negri Bossi.
Negri Bossi returned to North America about a year ago when it opened a sales office in Concord, Ontario. The company had withdrawn from the market in the early 1990s. At K 2001, the company introduced an all-electric molding press.