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IMA Buys Stake in Teknoweb Converting

Will buy 60% stake by end of February.

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By: Karen McIntyre

Editor, Nonwovens Industry

IMA, an Italy-based designer and manufacturer of automatic machines for a number of industries, has acquired a 60% stake in the newly formed Teknoweb Converting, based in Palazzo Pignano, Cremona, Italy. Teknoweb converts, markets and sells machines for the production of wet wipes.

Under the terms of the deal, IMA will invest about €6 million. The deal should close by the end of February.

IMA has also been given the option of purchasing the remaining 40% stake in Teknoweb Converting between 2018 and 2024.

In 2014, Teknoweb Converting’s sales were about €12 million and its EBITDA was €1.5 million.

“This is a strategic deal,” says IMA chairman and CEO Alberto Vacchi. “The acquisition of Teknoweb converting will make it possible to generate signfiicant production and marketing synergies with the Ilapak Group, which produces primary packaging machines using flexible materials. The growth in the wet wipes market entails a search for efficiencies in this field and the need on the part of customers to integrate the various technolgies involved in the production line.”

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