Tecnocap enters India to make lug caps
Tecnocap, a global player of metal packaging, has announced its entry into India and far east and signs the joint venture with the Indian producer of metal and plastic packaging, Oricon Enterprise. According to the agreement, the two partner companies have set up a new 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 new 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,” said Michelangelo Morlicchio, CEO, shareholder and founder of Tecnocap. “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.”
Founded in Italy in 1993, Tecnocap is a global metal packaging company operating in the industrial production of metal closures for glass and plastic containers, aluminum aerosol cans and bottles as well as capping machines with over 75% of its sales volume generated abroad between Europe and North America. The group expects to achieve a turnover of around 180 million Euro in the current year through eight production sites (Italy, Spain, Czech Republic, Ukraine and the United States), three R&D centers 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.
Source: The Packman