Coesia acquires majority stake in System's ceramics business.

On 31 July, Coesia and System 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 a 40% stake in the new company and will stay on as Chairman of the Board. The closing of the transaction is expected to occur by the end of the year.

System SpA is headquartered in Fiorano Modenese and has manufacturing facilities in Italy and China and an international network of approximately twenty subsidiaries. It has 1,200 employees and posted 2017 revenues of 329 million euros and EBITDA of around 51 million euros.

Long committed to the search for the best solutions for guaranteeing the future and continuity of the group he founded in 1970, Franco Stefani commented: “I feel a social and personal responsibility not just towards the group I created but above all towards the people who work at my companies. In my quest to identify the world’s best industrial partners with the capacity to make the company grow, I chose Coesia because it has deep roots in our local area and is an Italian group with a cutting-edge approach to technology. Together we will build a successful future, safeguarding the company’s value by maintaining local jobs, the Made in Italy prestige of our manufacturing, and the solidity of the company. We are innovators and pioneers, as this stage in our history clearly demonstrates.”

Coesia, whose sole shareholder is Bolognese entrepreneur Isabella Seràgnoli, is a multinational group of companies that operates in the industrial solution and packaging sector. From its headquarters in Bologna it controls 99 business units (including 60 production plants) in 32 countries and employs a workforce of 7,100 people. In 2017 the group reported revenues of 1.586 billion euros.

“I have always admired Franco Stefani’s commitment, entrepreneurial and managerial skills and business vision,” commented Isabella Seràgnoli. “I’m very pleased that Coesia can partner with System. By working together, I am sure that the two groups will succeed in further pursuing the industrial policy and entrepreneurial culture underpinning the excellence of our region’s industry. Through continued investment in expertise, technology and the supplier network, we will achieve our goal of shared growth and further boost the international reputation of Bologna and Fiorano as centres of excellence and as a unique global model for the precision engineering and ceramic machinery industries.”

While this operation will enable System to guarantee the continuity of the company, it is also a strategically important investment for Coesia, as the group’s CEO Angelos Papadimitriou confirmed. “System Ceramics provides an opportunity for Coesia to enter the ceramic machinery sector, an extremely dynamic and technologically advanced industry in which System is the leader with an unparalleled record of innovation,” he said. “With its global infrastructure and portfolio of technologies, Coesia is committed to supporting the growth and technological leadership of System Ceramics. At the same time, the ceramic business of System SpA is renowned for its outstanding expertise in the fields of electronics, software and digital technology, which will be of great value to Coesia’s business operations. We are very much looking forward to working with Franco Stefani, a unique entrepreneur and innovator, to build a highly successful future for System Ceramics.”

The head offices and factories of System Ceramics will remain in Fiorano Modenese, where major expansion and construction work is in progress at the System Group’s headquarters. The R&D department will also continue to be led by Franco Stefani, renowned for his extraordinary innovations and in many cases unprecedented applications and processes that have revolutionised the market.

Under the terms of the agreement, System and Coesia have agreed on reciprocal purchase and sale options for the remaining 40% of the capital, to be exercised in the future during agreed time periods.