Italian injection moulding machine maker Negri Bossi is planning a share issue on the Milan stock market worth up to E15.4m.
Parent company Sacmi is underwriting 84% of the sale. The money will be used to implement its current industrial plan and to reinforce is financial situation.
The Milan-based company issues its results for the second quarter on 28 July, but it has already announced that for the first time in six quarters, its gross earnings (EBITDA) will be in the black. Even so, it forecasts a net loss for 2006 of just under E4m (on sales of E104m), with profits of over E1m anticipated in 2007.
Managing director Eugenio Ferragina told PRW.com that Negri Bossi is pinning strong hopes on increasing its export quota. Around half the company’s sales are currently outside Italy, but the plan is to raise this to possibly as high as 70%.
He also says that Negri Bossi is continuing its transformation from a company making high quality standard machines into one concentrating on made-to-measure integrated production systems.
Negri Bossi has taken several measures in recent months to put itself in better order. Ownership of Oima, the injection moulding machine maker based in Casella d’Asolto that it bought in 2001, has been transferred to Sacmi holding company HPS. Oima’s high-speed machines are said to better complement those made by Sacmi itself (it makes compression moulding machines for caps) than by Negri Bossi.
The company netted E7m in that transaction. Then in January, it paid out E3m to the Biraghi family when they sold their residual holding in BM Biraghi in Monza. Negri Bossi acquired a 70% share in that company in 2002. Ferragina says it will continue to operate as an independent entity.
