Cifin, the Italy-based holding company of Emmegi Group, has purchased Elumatec AG and its subsidiary companies. Details about the transaction are not being disclosed.
Both Emmegi and Elumatec design, manufacture and sell machinery for processing aluminum, PVC and steel profiles. According to a news release from Cifin, the companies will continue to serve their customers independently via their present sales networks.
“The new group will enable both companies to achieve solid growth and a much stronger presence in this market sector,” Cifin president Valter Caiumi said in a statement. “Our new industrial dimension will give us the strength necessary to boldly engage with the challenges presented by technological innovation and ever more intense market competition.”
Emmegi and Elumatec will be 100-percent controlled by Cifin, and the group says it will employ approximately 1,200 workers and achieve a total turnover of approximately 225 million Euros ($245.4 million by the current exchange rate). With six manufacturing plants—five in Europe and one in Asia—they will operate globally through 52 companies, spanning the production, sales and service sectors.
“In its new strong configuration, Elumatec can operate at full capacity in the global market,” said Britta Hübner, CEO of Elumatec AG. “Cifin possesses an outstanding understanding of our market, and this business solution comes at just the right time. It ensures continuity and growth for our company.”
Cifin was founded in 1972. Its brand portfolio includes the companies Emmegi, Tekna, Emmegisoft and Keraglass. Elumatec AG, founded in 1928 with headquarters in Mühlacker, Germany, has subsidiaries and dealers in more than 50 countries. With more than 700 employees worldwide, it achieved consolidated sales of approximately 120 million euros ($130.9) in 2015.