(Finance) – The Board of Directors of Forest Chemical Industries (ICF) – a company among the reference operators at national and international level in the design, production and marketing of adhesives and fabrics with high technological content – has signed the preliminary sales contract between it, as buyer, and Tessitura Langé, as a seller, concerning the business branch of the latter relating to the activity of finishing and ennobling of fabrics and trade in yarns, fabrics and textile products in general.
Features of the operation
Tessitura Langè in 2022 achieved revenues of around Euro 10 million, up by around 25% compared to Euro 8 million in 2021, producing over 4 million linear meters of fabric. The complex of activities covered by the Transaction is estimated to have produced a positive margin. The business combination plan provides for the exploitation of significant commercial and industrial synergies.
The price owed by ICF will be equal to Euro 1,760,431.10, to which must be added the amount of inventories and inventories at the execution date, all subject to the usual adjustments at the execution date of the Transaction on the basis of the exact composition of the company branch. The payment of the consideration – which will take place with the use of own resources – it is expected to take place in two tranches: the first, on the date of execution and the second, within 12 months from the date of execution.
The sales contract provides, inter alia, for a set of declarations and guarantees issued by Tessitura Langè, which are usual in this type of transaction, and the consequent indemnity obligation in favor of ICF.
The Transaction, not subject to any conditions, will be executed no later than 30 April 2023.
In the Transaction, ICF was assisted by Pedersoli with a team composed of Francesca Leverone and Elisa Bertoni and, for the financial and environmental aspects, respectively, by BDO and TAUW. Tessitura Langè was assisted by the Calcaterra Cozzi law firm, in the person of Paola Calcaterra. The Notary of the Transaction is Manuela Agostini of the Agostini – Chibbaro Notary Firm.