A quota of SprintItaly has been acquired by UNIC-Italian Tanneries through its subsidiary Lineapelle S.r.l.. With this the association of the tanning industry will be seen owning 2 percent of Sicit’s capital.
The Italian tanning industry is a historic and consolidated example of circular economy. It utilizes large amount of meat industry’s waste (animal residues) to save it from going waste.
UNIC-Italian Tanneries makes an investment of 4 million Euros in Sicit’s circular economy. This will let them through Lineapelle to get voting rights on the new company once the acquisition is complete. Representing around 1200 businesses, UNIC employs around 18,000 people and has combined revenue of about 5 billion Euro. Out of this, 76 percent comes from exports.
Lineapelle will control Sicit with an acquisition operation and will set the newly-acquired business. This business will be quoted on the AIM Italia of the Italian Stock Exchange.
The business combination process of Sicit is completed with SPAC (Special Purpose Acquisition Company) SprintItaly. It will allow Sicit to hasten its strategic growth plan both in Italy and abroad. Being an operation worth 100 million Euro, SprintItaly will include the upgrade of the existing sites in Arzignano and Chiampo (Vicenza, Italy).
This acquisition is a part of Sicit’s capital and is evidence of the trust between UNIC-Italian Tanneries and Lineapelle in the future of the segment. They are being a core part of the strategic goals of the association, influential and vigilant travel companion to Italian tanners during their journey towards the continuous development of their sustainability practices.
This investment shows an important endorsement for Sicit’s green entrepreneurial model. It can re-assure the financial markets with regards to the goodness of their investment. The quality of the work done throughout the years by UNIC-Italian Tanneries is very well testified through this decision. This also allows them to strengthen their presence on international markets.
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