Coesia and System have entered into an agreement for the acquisition by Coesia of 60% of the ceramic business of System S.p.A., to be subsequently incorporated into a new company named System Ceramics.
Franco Stefani will maintain 40% and will remain as Chairman of the Board to support the continued success and growth of the System Ceramics company. The closing of the transaction is expected to occur by the end of the year.
In the context of the acquisition agreement, the leadership of System and Coesia have agreed to mutual sale and purchase options for the remaining 40%, to be exercised during agreed upon windows over the following years.
It’s an operation of strategic importance for System, allowing for business continuity, serving to consolidate its leadership on the global market in the industrial automation sector for the ceramics industry. The innovative solutions, technical and scientific know-how and human heritage which have made System SpA a model for success worldwide are now handed on to Coesia, further expanding the company’s extraordinary ability to create processes and products which have no equal in ceramic manufacturing.
The head offices and factories of System Ceramics will remain at Fiorano Modenese, as confirmed by the major expansion and construction work being done at present at the System Group headquarters.
The R&D Department will continue to be headed up by Franco Stefani, renowned for his extraordinary innovations in manufacturing for the future, creating unprecedented applications and processes which set the tone for the market.
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