Coesia acquires majority stake in System's ceramics business

On 31 July, Coesia and System entered into an agreement for the acquisition by Coesia of 60% of the ceramic business of System S.p.A., to be subsequently incorporated into a new company named System Ceramics. Franco Stefani will maintain a 40% stake in the new company and will stay on as Chairman of the Board. The closing of the transaction is expected to occur by the end of the year.

System SpA is headquartered in Fiorano Modenese and has manufacturing facilities in Italy and China and an international network of approximately twenty subsidiaries. It has 1,200 employees and posted 2017 revenues of 329 million euros and EBITDA of around 51 million euros.

Coesia, whose sole shareholder is Bolognese entrepreneur Isabella Seràgnoli, is a multinational group of companies that operates in the industrial solution and packaging sector. From its headquarters in Bologna it controls 99 business units (including 60 production plants) in 32 countries and employs a workforce of 7,100 people. In 2017 the group reported revenues of 1.586 billion euros.

The head offices and factories of System Ceramics will remain in Fiorano Modenese, where major expansion and construction work is in progress at the System Group’s headquarters. The R&D department will also continue to be led by Franco Stefani, renowned for his extraordinary innovations and in many cases unprecedented applications and processes that have revolutionised the market.

Under the terms of the agreement, System and Coesia have agreed on reciprocal purchase and sale options for the remaining 40% of the capital, to be exercised in the future during agreed time periods.