The Padua-based multinational announces a new investment with the acquisition of Microtec and enters the market of biopolymers for food packaging. Microtec (based in Mallaredo di Pianiga, Venice) has an annual turnover of 19 million Euros and 20 employees. Its acquisition is an essential element of Sirmax's expansion and sustainability project, with the latter expecting to double its sales in the next five years.
CEOMassimoPavin states, “There is growing demand for products which are either completely or partially manufactured using renewable materials and have a reduced environmental footprint. Sirmax is ready to take on the challenge."
Cittadella, September 4th, 2019.
Sirmax, the group with headquarters in Cittadella (Padua), continues with its external growth plan and is opening new businesses in line with its circular, sustainable investments. Following the acquisition of SER last January, a company specializing in the processing and regeneration of post-consumer plastics, Sirmax is now investing in biopolymers. The company has acquired a majority stake (70%) in Microtec (Mellaredo di Pianiga, Venice), a firm which produces bio-compounds from plant derived biomasses used in plastic products and accessories across several product sectors.
Microtec, which has an annual turnover of 19 million Euros and 20 employees, produces 8,000 tons of bioplastics annually in an area of 5,000 square meters. Its current CEO, Diego Lombardo, will retain his position in order to guarantee operational continuity following the acquisition.
The Sirmax Group has made a total investment of approximately 20 million Euros. As well as the acquisition of Microtec, it involves an increase in its production capacity from8,000 to 16,000 tons in3 years. It will be achieved by doubling its extrusion lines and increasing plant size from 5,000 to 17,000 square meters.
Microtec was selected by Sirmax as it is in line with the group's values, with reference to its research and development in the field of bio-durable and bio-compostable materials, and for its consolidated expertise in innovation.
Massimo Pavin, President and CEO of the Sirmax Group explains that, “The synergy between Sirmax's competences and Microtec's know-how will allow us to develop bio-based materials in traditional areas of application, such as the automotive and household appliance sectors. It will also allow us to increase the range of application of these materials in the field of disposable products for large-scale distribution – particularly given the strict regulations that will be introduced by the EU in 2021. Our goal is to respond to the market's emerging needs by identifying innovative solutions in line with a circular economy approach.”
Our mission towards sustainability
In the context of sustainability and environmental safeguarding, Sirmax's mission is to be a part of the solution to the problem of plastic waste pollution – a problem which, according to the World Economic Forum, comes at a yearly cost of USD 40 billion. The company is moving towards recovering and recycling plastics for the development compostable materials which can be used for disposable products such as carrier bags, plates, cups and cutlery. Between 2012 and 2017, Italy increased its production of compostable bioplastics by 86%. The production of compostable bioplastics in wider Europe is also expected to increase: Sirmax is joining this positive trend and investing responsibly.
“Microtec's excellence will help us reach our goal," continues CEO Massimo Pavin, "a goal which will become of strategic importance in the near future and will find practical applications around the world, allowing us to meet the needs of our global clients. The demand for goods manufactured using materials which are partially or entirely derived from renewable sources and have a significantly reduced environmental impact is growing.Sirmax is ready to rise to the challenge."
“We are happy with the journey that led us to becoming a part of the Sirmax group," states Mictotec's CEO Diego Lombardo. "We see Sirmax as a partner with whom we can continue to grow and apply our knowledge in the more technologically complex segments of the market."
The acquisition of Microtec is the second element in Sirmax's journey on the road to sustainability, which started last January with SER's entrance into the group and with the construction of a new plant in SER's branch in Indiana, USA. SER, a market leader in the field of post-consumer plastic recycling, has allowed the Sirmax Group to undertake projects focusing on the use of high added value primary recycled materials for the construction of structural components alongside the world’s primary automotive and household appliance manufacturers. Thanks to Sirmax's available technology and to its ability to formulate technical compounds, the technical features of these primary recycled materials are guaranteed to be in line with industry standards.
The Three-Year Plan:2019-2021
The acquisition of Microtec is part of the 2019-2021 three-year development plan which predicts investments of 80 million Euros and aims at doubling turnover in 5 years. In 2018 the Sirmax Group achieved a turnover of 300 million Euro (+15% compared to 2017) and employed 620 people worldwide. Partly thanks to Microtec's contribution, the 2019 financial year has a projected turnover of 385 million Euros with 650 employees.
Regarding the consolidation of its product range, the Sirmax Group is set to finalize a new operational division for the production of thermoplastic elastomers under the Xelter brand. This will be established in the second Polish plant, currently under development in Kutno, for a total investment value of 25 million Euros.
The Sirmax Group, with headquarters in Cittadella (Padua), is the leading independent European manufacturer (and among the top global manufacturers) of polypropylene compounds used across all sectors: automotive, household appliances, power tools household, construction and furniture. It is also a leading distributor of plastics. Active since the 1960s, today Sirmax boasts 5 production plants in Italy (Cittadella, Tombolo, IsolaVicentina, SanVitoAlTagliamento, and SalsomaggioreTerme), two in Poland(2006-2019),one inBrazil(2012),one in theUSA(2015) andtwoinIndia(2017),as well as a sales office in Milan, Italy, and technical sales offices in France, Spain and Germany. Sirmax has acquired significant market shares in Europe, North and South America and Asia, and has become a global benchmark for the international market. Among its clients are industry leading firms such as Whirlpool,Bosch-Siemens,Electrolux,Karcher,Philips,DeLonghi,Honeywell,ABB,Technogym,FCA,VolkswagenGroup,Daimler and PSA(PeugeotCitroen Group).
Thanks to the company's constant research activity, to its detailed technical studies and to the creation of technological research platforms (such as the Palazzina della Tecnologia, which was inaugurated at the headquarters in Cittadella in 2018), Sirmax has forged lasting collaborations in the academic sector. It sponsors Industrial Engineering scholarships at the University of Padua and has developed the TraCE project (Traceability - Accounting - Efficiency) alongside the FraunhoferInstituteforMaterialFlowandLogisticsIMLinDortmund,Germany.