Two Italian flexible packaging companies have joined forces to broaden their product range and strengthen their market position.
Alessandria-based Gualapack SpA, a manufacturer of food and nonfood pouches and filling equipment, has acquired a 75 percent stake in leading Italian film producer and packaging converter Safta SpA of Piacenza, Italy.
The merger is a natural vertical integration since Safta supplies film material to Gualapack, which manufactures the Cheerpack flexible beverage container. Gualapack expects the acquisition to allow it to develop products for different applications in the food, cosmetics, pharmaceutical and industrial sectors.
Gualapack purchased the Safta shares formerly owned by Millennium, a subsidiary of investment company Deutsche Morgan Grenfell Capital Italy.
Safta has annual sales of about 100 million euros ($96 million). With Safta, Gualapack's parent Guala Group generates sales of about 150 million euros ($144 million) and employs 800.
Guala Group also owns Alessandria-based subsidiaries Guala Dispensing SpA, a manufacturer of pump dispensers and trigger sprayers, and closure and PET bottle and preforms molder Guala Closures SpA.