(Finance) – The Board of Directors of Nuscoa company listed on the Euronext Growth Milan market and active in the window and door sector, has resolved to subscribe to the capital increase that will be approved by Modoa company attributable to the Nusco family and operating in the production of fixtures, in particular wooden, wood-aluminium and PVC windows, and iron and aluminum shutters and grates, sold exclusively to Nusco.
The subscription of the Modo capital increase by Nusco, for an amount equal to 1,060,000 euros, will take place through compensation of part of a credit that Nusco claims from Modo (for a total of 1,660,000 euros) based on the subcontracting contract signed by the parties on 1 January 2020. With reference to the residual credit, equal to 600,000 euros, the parties have renegotiated the terms for processing the orders already accepted but still outstanding in two tranches of the same amount during the 2024 and 2025 financial years.
“The acquisition of Modo’s shareholding represents a significant opportunity for Nusco important strategic move for the objectives of development and consolidation of the fixtures business – stated theCEO Guerino Vassalluzzo – This investment allows us, in fact, to continue our strategy of expansion and strengthening our positioning on the market, maintaining a competitive advantage in the reference sector, that of windows and doors, which is increasingly rapidly evolving”.
“Moreover, Modo represents for Nusco an important partner, with great added valuewhich will contribute significantly to increasing and improving the offering of the Nusco Group, responding effectively to customer needs – he added – This operation is in line with the commitments carried out by the Group in recent years, and is part of the most broad path of growth both nationally and internationally”.
Once you sign up, Nusco will own a participation in Modo equal to 44.17% of the capitalwhile the remaining part of the share capital will be held by companies attributable to the Nusco family and in particular will be owned by Nusco Trade (51.67%), Industria Meridionale Trasformazione Legno IMTL (3.05%) and Nusco Immobili Industriali (1, 12%).