Biaxially oriented polypropylene film maker Treofan Group has new owners, following the completion of a financial restructuring.
The new majority shareholders are Milan-based Management & Capitali SpA, listed on Italy's Milan Stock Exchange, with a shareholding of about 44 percent, and EBF & Associates LP USA, a Minnetonka, Minn., private equity firm, with a 26 percent share.
The remaining shares are held directly or indirectly by Goldman Sachs Group (13 percent), other note holders and former Treofan shareholders.
Treofan had proposed the debt-for-equity swap Aug. 19. The deal was completed Sept. 29.
The new capital structure will make Raunheim-based Treofan more competitive and reliable in the market, according to a company news release.
Despite lower market demand, Treofan said it has improved its operational performance during the first eight months of 2009, which is reflected in a higher earnings before interest, taxes, depreciation and amortization compared with the first eight months of previous year.
This important step has provided us with a solid financial grounding and the ability to further invest in the future. We have every confidence ... that we will increase the value of our company for the benefit of our shareholders, customers, suppliers and employees, said CEO Carlo Ranucci.
Treofan Group makes BOPP film under the brand name Treofan. It has 1,530 employees and capacity to manufacture 485 million pounds of film a year at six sites in Europe, North America and South Africa.
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