Bologna-based ILPA announced Friday it had signed an agreement to take control of AMP for a period of 42 months – after which time it will have the option to make the acquisition permanent.
Close the loop
The company, which specialises in thermoformed plastic food packaging and disposable tableware, announced it would be investing €2m into its new Ferrara-based asset over the next two years.
The deal allow ILPA to integrate AMP’s facilities and post-consumer PET washing and recycling system into its own production system and was agreed after AMP endured a two-year financial crisis that had seen it face bankruptcy, ILPA spokesman Roberto Zanichelli told FoodProductionDaily.com.
“This is a significant and important move for us as we will become self-sufficient in rPET for the first time,” he added. “We will have to invest in the production plant to refurbish and update equipment. But once we do that, we aim to restore the original 10,000 tons per annum capacity and even increase that going forward."
From a strategic standpoint, the acquisition of AMP will result in the vertical integration and carrying out of the PET recycling process, from post consumption to the new finished product, said the company.
“It allows us to close the loop as we can now receive post-consumer PET and process it into flakes,” said Zanichelli.
The acquisition would not only give it the opportunity to expand its own food packaging, food service and fresh produce range but also enter the sector for horticultural containers, he added.
The Province and Municipality of Ferrara, trade unions, and the development institutions of Sipro and Carife Spa bank also worked to put the leased takeover together, which will see former AMP workers given their jobs back.
Riccardo Pianesani, legal representative of ILPA, said: "In terms of employment we will be reinstating 44 jobs immediately, and we plan to reinstate a total of 59 by the time the foreseen interventions are completed. Our goal for the end of the 42-month lease is to finalize the acquisition of the company.”