Burgo to spin off specialty paper division into new company
Burgo will spin off its specialty paper activities. The company said it would found the new subsidiary Mosaico Srl which would include the four mills of its specialty paper division.
Burgo Group has announced its intention to incorporate the activities of its specialty papers division Mosaico in a new company. The new company which will be fully owned by Burgo is supposed to trade under the name of Mosaico Srl and start operations on 1 January 2014.
Burgo believes this strategic decision will help it to strengthen and increase its presence in the specialty paper markets. The group, whose product portfolio also includes printing and writing and magazine paper, said that Mosaico Srl would maintain its focus on the development, production and sale of specialty papers, i.e. of flexible packaging papers, self-adhesive and wet glue labels as well as special graphic papers and boards.
The new subsidiary will include the four mills Chiampo, Lugo, Treviso and Tolmezzo, all located in northern Italy. The sites have an overall production capacity of 300.000 tpy and a total of 850 employees. According to Burgo, Lorenzo Marzotto, Vice President of the Mosaico business area, has been appointed CEO of Mosaico Srl.
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