Italian holding company De Agostini has purchased a controlling stake in Cartiere Paolo Pigna, the Italian parent company of Rilecart Binding Supplies, after two years of restructuring and negotiations to pull the troubled firm out of its financial difficulties.
De Agostini's purchase of 51 percent of Pigna will set the company back on its feet after it filed for debt relief due to bank troubles two years ago, said Alan King, Australian director of Rilecart. "They were a viable business, but they had funding problems. Pigna is over 100 years old, it’s a very important industry in Italy and Bergamo. It’s a part of history, so it was important to save it," King said.
The business is already returning to profit, and King says the takeover will allow Rilecart's Australian operation to continue to be a major player in the supply of double loop wire and plastic coil binding, including machinery, spare parts and consumables, in the local market. "It means that we have a future. In the darker days, we were under pressure, but despite rumours to the contrary, we are here to stay.
"With excellent and well-established supply lines both from Italy and through our Singapore office, our product range is both competitive and expanding. We are looking forward to the future," he said.
The remaining 49 percent of Pigna is owned by interests connected to board member and former CEO Giorgio Jannione. The new management structure includes the appointment of Alberto De Matthaeis as CEO of Cartiere Paolo Pigna and Massimo Fagioli as CEO of Rilecart. "Both Alberto and Massimo have relevant experience in the paper, printing and converting businesses," King said.
Rilecart's Australian division is managed by industry veterans Gary Disney and Albert McLaughlin.