Pro-Gest Group is strengthening its foothold on the corrugated board and corrugated packaging market. Continuing Ondulati Giusti's operations, Pro-Gest is to become the leading market player in Italy, ahead of DS Smith Packaging and Smurfit Kappa Group.
In early October Italy's paper and packaging manufacturer Pro-Gest Group announced that it had leased the two production facilities from its crisis-hit competitor Ondulati Giusti and that it "has begun to manage the two companies directly, with the total involvement of all employees and the immediate restart of production."
Responding to an enquiry from EUWID about the terms and conditions of the lease agreement, Pro-Gest explained that two separate, multi-year contracts have been stipulated for the production sites of Ondulati Giusti and its subsidiary Cartonificio Fiorentino. According to Pro-Gest, the lease payments for the two production sites are totaling €1.8m per year.
Ondulati Giusti and Cartonificio Fiorentino employ some 300 people at the sheetfeeding plant in Altopascio and the integrated corrugated packaging plant in Sesto Fiorentino. The total corrugated production capacity amounts to 600 million m².
Pro-Gest's announcement comes just a short time after Fiera Srl acquired a majority stake in Ondulati Giusti. Representatives of Italy's trade union Slc-Cgil told EUWID that Fiera, a company established on 8 September with a start-up capital of €10,000, had acquired a 98% shareholding in Ondulati Giusti worth several million euros.
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