April 28, 2021 - Portals, a UK-based producer of banknote and security paper, and Fedrigoni jointly announced that Portals has agreed to acquire Fedrigoni's security business based in Bollate, Italy. The security business includes an extensive portfolio of security features for banknote applications and other security documents, as well as the production plant in Bollate (Milan, Italy).
In a separate transaction, Portals is also acquiring an option to potentially purchase certain banknote paper and passport paper assets (including production machinery) from Fedrigoni's Fabriano (Italy) security division. According to Portals, this separate transaction will be subject to a put and call option which may be exercised by each of the parties by the end of 2021, following the closing of the Bollate transaction.
Financial terms of the deals were not disclosed.
"We look forward to the completion of the transactions and to welcoming Fedrigoni's skilled and experienced Bollate team to Portals as we continue to develop a leading, integrated security paper business," said Dr. Ross Holliday, CEO of Portals. "This transaction will enable Portals to develop and deliver more quickly and efficiently, the leading security products our customers require."
Marco Nespolo, CEO of Fedrigoni Group, commented, "We are proud that an established international player in the banknote and security papers business, who intends to invest and expand, has expressed strong interest to acquire our Security business based on the value of our technology and the know-how of our people, who we are placing in excellent hands."
Approximately 100 employees from Fedrigoni will join the new company, Fase S.r.L., which has been established to allow the transaction regarding the Bollate Security business. These employees consist of those working at the Bollate plant, including the commercial team and support staff connected to the security business.
In regards to the separate transaction relating to certain assets located in Fabriano, if Portals exercises the option, certain machinery and equipment used for the production of banknote and passport papers will be sold to Portals, whilst the personnel, the plant and certain critical assets (including the mould machine) will remain with Fedrigoni to develop the Art & Drawing business, which includes art papers and quality printing papers, both of which are expanding quickly and will be developed even further.
Portals is a leading manufacturer of security products for use in critical applications such as banknotes, passports, vehicle registration documents and birth and marriage certificates. The company produces materials for more than 12 billion banknotes, 200 million brand labels, 70 million passports and 60 million certificates each year, for use in more than 100 countries around the world.
Based in Italy, Fedrigoni Group is a leading producer of specialty papers for graphic use and self-adhesive products for labels, and primarily the production of self-adhesive labels for the wine sector. To learn more, visit: www.fedrigoni.com.
SOURCE: Fedrigoni S.p.A.
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