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IMA Industria Macchine Automatiche SpA says agreement signed for purchase of additional 30 pct of ILAPAK Group


Tuesday, 4 Feb 2014 01:36am EST 

IMA Industria Macchine Automatiche SpA:Says it signed a preliminary contract with the shareholder of Transworld Packaging Holding BV (TWP), the holding company of the ILAPAK Group, for the purchase of an additional 30 pct stake in the share capital of TWP, bringing IMA's investment in the ILAPAK Group to 81 pct.Says the proposed transaction involves a total financial contribution on the part of IMA of 22.750 million euros, to be paid in a lump sum at the time of the closing.Says under a separate option agreement, IMA also has the right to acquire the other 19 pct of TWP's share capital in 2017 or 2018.Says the closing of the deal is expected to take place as soon as the necessary approvals have been obtained from the relevant antitrust authorities. 

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