China's Dongfang group is expanding its corrugating machines business. The group's Italian subsidiary Fosber acquired 60% of BP Agnati.
Italy's corrugating machine and equipment manufacturer Fosber acquired a majority stake in BP Agnati. No financial details of the deal were revealed.
BP Agnati is a traditional Italian manufacturer of corrugators with a world-wide presence and more than 90 years of experience. The company booked sales of €40m in 2019, said Fosber.
Fosber Group boasts a position among leading global suppliers of complete corrugated board lines as well as individual machine units for the production of corrugated board packaging. The Lucca-based company is a fully-owned subsidiary of Chinese Dongfang Precision group as of September 2017.
With this latest acquisition in Italy, Dongfang and Fosber are strengthening their position in the corrugating machines business. Last year, Fosber had acquired a 70% stake in Tiruña Grupo Industrial (TGI), a Spanish corrugated and pressure roll producer with manufacturing sites in Spain, France, China and the US.
According to Dongfang, Fosber is the controlling shareholder of TGI, enjoying a call option for the acquisition of the remaining shares in the Spanish company.
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