Switzerland-based packaging machinery company Bobst Group has announced that it signed an agreement May 13 that sees it acquire 65 percent of Nuova Gidue srl, an Italian maker of narrow and mid-web printing presses.
The agreement gives it the option to purchase the remaining shares.
Bobst states that Federico d'Annunzio, the owner of Nuova Gidue, will remain in the company as CEO and shareholder. The financial details of the deal were not disclosed.
Bobst says it expects strong growth in the labels and packaging industries, and plans to build on the expertise and dedication of Nuova Gidue's existing management and employees at its location in Florence, Italy.
Erik Bothorel, head of Bobst business unit web-fed, said in a statement: "We want to grow in the label segment and establish our leadership in short-run packaging solutions. The innovative technologies of Nuova Gidue in flexography and offset can be easily integrated into our existing product lines. Bobst today offers the widest range of printing and converting equipment for the packaging industry and confirms its commitment to innovation."
"We are impressed by the innovation, performance and product range of Nuova Gidue, which enlarges the product portfolio of Bobst Group in the narrow and mid-web market. We believe it is the perfect match, at the perfect moment," he concluded.