UNITED KINGDOM
Global packaging solutions group, Molins, is selling its Instrumentation & Tobacco Machinery division (I&TM) to G.D SpA for £30million (US$38.3 million).
G.D, a subsidiary of Coesia, is making the acquisition on a cash-free, debt-free basis. In line with Molin’s strategy, the net proceeds of the sale will primarily be used to invest in its packaging machinery activities to capitalize on the attractive growth opportunities in their end markets. As part of the transaction the company has agreed to transfer the name ‘Molins’ to G.D. Following completion, Molins will retain the right to use the name for a period of six months.
Tony Steels, Molin’s c.e.o., said, “The sale will provide Molins with the platform to accelerate the execution of its strategy to invest in growth packaging machinery sectors.”
“Molins has a presence in large and attractive growth markets, an enviable portfolio of global multinational customers, an impressive range of innovative technologies and above all a very talented and engaged workforce. With the proceeds from the sale of I&TM, I am even more confident about the growth opportunities for the group.”