According to the agreement, the two partner companies have set up the Tecnocap Oriental based in Mumbai, controlled at 75% of the share capital by the Tecnocap Group through the acquisition of the Metal Lug business of the Indian partner Oricon, which will hold the remaining 25% of the Company.
“This joint venture marks our full entry into the Indian and Far Eastern markets and represents a key stage in our international growth strategy, achieved through business diversification and expansion towards high growth markets”, commented Michelangelo Morlicchio chief executive, shareholder and founder of Tecnocap who added: “Beyond seizing the great opportunities for market growth, this alliance gives us the chance to exploit mutual synergies to operate successfully thanks to the highest quality products, services and logistics.”
Czech Republic, Ukraine and the US), three R&D centres and over 900 employees. Moreover, a significant increase in operating margins is expected as an effect of ongoing investments and the launch of several industrial projects for the recovery of production efficiency.
Tecnocap said it is absolutely focused on sustainability, social responsibility and digital transformation and in 2019 the company published its first Integrated Report <IR> for the year 2018. The joint venture in India is part of the group’s international growth strategy through a consolidated M&A policy. The company management is also evaluating further opportunities in innovative businesses and emerging market areas.
Source: Packaging News