Sirmax Buys Bioplastics Manufacturer

Sirmax, Padua, Italy, takes over the Italian company Microtec. With this acquisition, the plastics manufacturer intends to further expand its range of bioplastics. Sirmax will invest a total of EUR 20 million in the business. This includes both the acquisition sum and investments in a significant expansion of production capacities. The compounder did not disclose the purchase price.

  • Sirmax CEO Massimo Pavin (right) and Diego Lombardo, CEO of Microtec, will cooperate on bioplastics (© Sirmax)

  • Diego Lombardo (left), Microtec's former Managing Director, will continue to manage the company in the future (© Sirmax)

  • Sustainable plastics are one of the growth markets on which Sirmax will focus in the future. "The aim is to identify creative solutions for the recycling industry in order to be able to react to new market needs," explained Massimo Pavin (right), Managing Director of Sirmax, at the announcement of the takeover (© Sirmax)

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  • Sirmax CEO Massimo Pavin (right) and Diego Lombardo, CEO of Microtec, will cooperate on bioplastics (© Sirmax)

  • Diego Lombardo (left), Microtec's former Managing Director, will continue to manage the company in the future (© Sirmax)

  • Sustainable plastics are one of the growth markets on which Sirmax will focus in the future. "The aim is to identify creative solutions for the recycling industry in order to be able to react to new market needs," explained Massimo Pavin (right), Managing Director of Sirmax, at the announcement of the takeover (© Sirmax)

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Microtec, a Venetian company, has an annual turnover of EUR 19 million and 20 employees. It produces about 8000 t of bioplastics annually. Within three years, the volume is now to double to 16,000 t/a, thanks to further extrusion lines.

Double Turnover in Just Five Years

It is the company???s second takeover in this year. In January Sirmax acquired the Italian plastics recycling company Societ?? Europea di Rigenerazione (SER). Both acquisitions are part of the company's aggressive growth plan. The plan envisages doubling sales from EUR 300 million to EUR 600 million by 2023. Investments of EUR 80 million are planned for this purpose.

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This project has received funding from the Bio-Based Industries Joint Undertaking under the European Union’s Horizon 2020 research and innovation programme under grant agreement Nº 745828