Brasilian firm Industrias Romi has agreed to acquire the Italian injection machine Sandretto Industrie.

Some assets of Sandretto will be transferred to Romi: land, buildings, facilities, machines, equipment, tools, vehicles, furniture, computers, software, technology, drawings, trademarks, patents, technical and commercial information, along with the totality of the stock capital of the four foreign subsidiaries in France, Spain, the UK and The Netherlands.

Assets acquisition price will be Euro 5.5 million, not being included in that value the useful operational inventory of raw materials, work in process and finished products.
Additionally, Romi will hire the current 295 experienced employees of Sandretto, as well as provide the inflow of Euro 8 million into operations, within two years from the date of Assets’ acquisition.
Romi is the largest Brazilian manufacturer of plastic injection molding machines and supplies a range of models from 40 up to 4,000 metric tons of clamping force. Therefore, Romi offers a range of plastic blow molding machines capable of making plastic bottles and recipients from 10 ml up to 100 liters.

Sandretto is an Italian manufacturer of plastic injection molding machines with international presence, having manufactured and sold more than 30,000 machines along its 61 year history. It operates two industrial plants in Grugliasco and Pont Canavese, near Turin. In 2007, Sandretto registered consolidated revenues of about Euro 30 million.

UPDATE (06/05/08) - In a financial statement released yesterday, Industrias Romi informs that "the shareholders in an Extraordinary Shareholders’ Meeting, held on 06/04/08, in an unanimously decision, deliberated to do not approve, in this opportunity, the acquisition of Sandretto Industrie Assets, because the requested conditions were not fully satisfied in the terms of the offer submitted by the Company, on 04/09/08, and its complementation on 05/08/08 and also the Preliminary Contract signed on 05/24/08.
The shareholders also decided that, if such conditions are satisfied, a new Extraordinary Shareholders’ Meeting could be convened, to deliberate about the transaction".

UPDATE (17/06/08). Romi calls a new Extraordinary Shareholders’ Meeting, on 30 June 2008, to approve, or not, the acquisition of Sandretto Industrie S.r.l. The new meeting follows compromise deal reached last week in Turin by Sandretto trade unions and the management of brazilian group.

UPDATE (01/07/08):Romi says yes to Sandretto