Italian injection press maker Negri Bossi SpA plans to expand production with 15.4 million euros (US$12.3 million) it expects to generate by issuing new shares on the Milan stock exchange.
Milan-based Negri Bossi is owned by Sacmi Imola scrl, which will underwrite up to 84 percent of the share sale. Negri Bossi, which announced plans for the stock sale July 15, has been a publicly traded company since 2001.
Sacmi directors approved the new shares. Sacmi bought Negri Bossi in 2002, and after a reorganization, officials report the machinery maker is turning around its financial performance.
In the first half of 2006, Negri Bossi reported a 20 percent increase in sales, compared with the first half of 2005. Orders also are strong.
The company has to boost production as it sells more injection presses and automation systems around the world, according to Liam Burns, general manager of Negri Bossi USA Inc. in Newark, Del.
Negri Bossi did not release details of the planned machinery expansion.