Pro-Gest Completes Acquisition of Ondulati Giusti, Cartonificio Fiorentino

 

Pro-Gest Group (Italy) has officially sealed the acquisition of Ondulati Giusti in Altopascio, Tuscany, and Cartonificio Fiorentino, based in Sesto Fiorentino, also Tuscany.

In October 2014, Pro-Gest, with headquarters in Istrana, Treviso, rescued the two businesses from bankruptcy in record time, taking over operations through a business branch lease, thus preserving all existing jobs.

Three key factors were peculiar to this complex transaction: continuity of operations, guaranteed employment stability, and transparency of the entire process.

Due to the promptness of Pro-Gest, the conditions were met for the business to continue having access to lines of credit for much needed working capital. Moreover, the acquisition of the two corrugated packaging sites by a nationally leading group for the production of containerboard, corrugated "cardboard," and packaging solutions is to ensure the maintenance of high quality standards and cutting-edge technology in this industry.

There's now no expected negative repercussions for the approximately 300 direct employees and for all indirect employees of the supply chain, who have been able to keep their jobs during the various steps of the acquisition. The process has been conducted with the positive involvement of the trade unions. As a sign of trust of the employees to the new ownership, it is worth mentioning that none of them withdrew money from their severance fund, a possibility given to Italian employees.

The auction was open to international competitors and in the end Pro-Gest’s offer was the winning bid.

"We are very proud of these acquisitions for several reasons," said Bruno Zago, CEO of Pro-Gest. "The first is to have demonstrated that the interest of Pro-Gest towards the two companies was serious and consistent. Secondly, we take pride in being able to keep the headquarters of these operations in Italy as we are certain that we have the capacity and the potential to increase our competitiveness in an industry with a very strong global growth trend. Therefore, this acquisition was strategically important to further reinforce our integrated supply chain from pulp to packaging. Finally, we are fulfilled knowing that we have worked in full cooperation and harmony with the employees, trade unions, and institutions with the aim of maintaining the great heritage of professionalism and expertise of these companies, only a few years ago on the verge of closing their doors."