SHELBYVILLE, TENN. (Jan. 5, 12:45 p.m. ET) — Manuli Stretch Group Spa is looking for a buyer or joint venture partner for its Shelbyville stretch film plant.
Manuli previoiusly announced it had stopped production at the facility in early December in favor of importing films from offshore affiliates. The 50,000-square-foot production plant houses two seven-layer, cast stretch film lines with total annual capacity of about 25 million pounds per year. The 100-inch wide extrusion lines comprise Black Clawson machinery.
Over the next few months Manuli will decide whether to incur costs of relocating machinery to other Manuli plants vs. selling the Shelbyville assets or forming a joint venture involving the assets, according to Dan Maiorino, general manager of Manuli Stretch USA Inc.
“This is not a fire sale or liquidation,” Maiorino said in a telephone interview.
“This doesn't change our marketing and sales strategy,” Maiorino stressed.
The U.S. subsidiary is importing products from other Manuli operations to supply U.S. customers.
321 Capital Partners LLC of Elkridge, Md., is assisting Manuli in evaluating opportunities. 321 Capital managing partner Ervin Terwilliger said in an email that his firm is now providing general information about the assets without signing a confidentiality agreement.
321 Capital is an international investment banking firm specializing in middle market businesses in manufacturing and distribution. It recently assisted in the 363 Bankruptcy sale of Pinnacle Films Inc. of Charlotte, N.C., to Inteplast Group Ltd. of Livingston, N.J., for $10.5 million in cash.
Manuli, headquartered in Milan, Italy, has stretch and other film production operations in Pozzilli, Italy; Leipzig, Germany; Corsham, England; Buenos Aires, Argentina; and Curitiba, Brazil.