DIATEX S.p.A. (SITI B&T GROUP) acquires 70% of Mec Abrasivesadmin
Formigine, 22 February 2021 – The SITI-B&T Group, a supplier of technology and complete plants serving the world ceramics, listed on the AIM Italia market (Ticker: SITI), has signed today, through its subsidiary Diatex S.p.A., a binding agreement for the acquisition of 70% of the company shares of Mec Abrasives, a company based in Verona.
Mec Abrasives, active in the production of abrasives for the lapping of ceramic products, generated a turnover of 926 thousand euros in 2019, with an Ebitda equal to 27% of the revenue. For the purchase of 70% of the company shares, 860 thousand euros will be paid at closing and 365 thousand euros in two annual instalments. There is also an option for the remaining 30% of the company shares.
‘This operation,’ commented Fabio Tarozzi, CEO of SITI-B&T Group, ‘is part of our Group’s growth strategy and completes the production range, specifically, abrasives for the ceramic lapping process. The technical skills of this new company will be able to develop through the Group’s sales network, and at the same time Diatex will be able to expand its commercial offer on the market.’
The acquisition of the shares of Mec Abrasives will be completed by March 2021 by the company Diatex, active in the production of tools for the finishing of ceramic products.