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Italmobiliare advances Plastic Tax and sells Sirap Gema assets to Faerch

Packaging sold in Italy, Poland and Spain for 162 million

Italmobiliare anticipates the Plastic Tax and achieves the sale of the packaging assets in Italy, Poland and Spain. The subsidiary of the Pesenti family holding company , Sirap Gema, sold to the Danish Faerch Group on the basis of an enterprise value of 162 million euros, equal to a multiple of 10.5 times the Ebitda for the period June 2019-20. Sirap Gema will maintain control of the activities in the other sectors and countries where it is present with the Petruzalek group (in France, Germany and the United Kingdom).

"The transaction allows for a full valuation of the perimeter subject to the sale, confirming - in a prudential hypothesis - the valuation of the Sirap group within the Italmobiliare net asset value at 30 June 2020", explain from Milan, and "lightens - also in line with the policy of integrating ESG principles into investment processes - Italmobiliare's exposure to a sector subject to consolidation and the evolution of legislation relating to the plastic / food packaging sector".

The reference is to the Plastic Tax whose introduction has only been postponed to 1 July 2021 by the new Budget Law due to the Covid emergency. The new tax provides for a levy equal to 45 euro cents for each kilogram of plastic material contained in the MACSI (single-use products). However, the plastic tax has also reappeared at a European level, which has been studying it for some time: it has in fact been included in the Multiannual Financial Framework (Mff) or Multiannual Financial Framework, approved by the European Council together with the Recovery Fund.

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EFA News - European Food Agency