Italian auxiliary equipment manufacturer Piovan SpA announced Sept. 24 that it plans to go public in the Milan stock exchange, Borsa Italiana, by the end of the year.
The shares, expected to amount to 35 to 40 percent of the company's capital, will be sold through a private placement for investors in Italy and institutional investors abroad. Pentafin SpA, Piovan's controlling shareholder, will offer the shares.
Piovan, an international auxiliary equipment maker for the plastics industry, had 2017 sales of 213.3 million euros ($251 million). For the first six months of 2018, the company generated sales of 127.4 million euros ($150 million).
In 2015, Piovan also became increasingly active in equipment for food powders.
Piovan is based in Santa Maria di Salva, Italy. The company bought U.S. auxiliary maker Universal Dynamics Inc. in 2008. This year Una-Dyn moved from Woodbridge, Va., to a new 110,000-square foot factory in Fredericksburg, Va.
Over the past 15 years, the company has become a multinational organization with seven manufacturing sites, 23 subsidiaries and an international distribution network covering 70 countries. Companies in the Piovan Group are Universal Dynamics, Fdm in Germany, and Aquatech, Penta, Progema and Energys in Italy.
Una-Dyn employs about 140 and had 2017 sales of about $57 million.
