Piovan to list on Milan stock exchange

Italian auxiliary firm Piovan says it has started the process for listing its ordinary shares on the Milan stock exchange, Borsa Italiana, with a timeline of end of the year.

The company says it will offer between 35-40% of its capital and the shares will be sold through a private placement for investors in Italy and institutional investors abroad. Piovan’s controlling shareholder, Pentafin SpA, will offer the shares.

Based in Santa Maria di Salva in Italy, Piovan had sales of EUR213.3 million in 2017. During the six-month period ended June 30, 2018, it recorded total revenues and other income of EUR127.4 million and adjusted EBITDA of EUR18.3 million.

Piovan develops auxiliary equipment systems for production processes for the storage, transport and processing of polymers and plastic powders. Beginning in 2015, it has also been increasingly active in the development and production of auxiliary automation systems for the storage, transport and processing of food powders.

It has in its group of companies: Universal Dynamics of the US, Fdm in Germany, as well as Aquatech, Penta, Progema and Energys in Italy.

It has seven manufacturing sites, 26 subsidiaries and representatives for more than 70 countries.

(PRA)

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