Gandino, Italy, July 23--Italian company Radici Group has sold Aussapol to Portugese PET producer Selenis according to PRW.com.
Radici will no longer be a player in the PET sector as part of the agreement. The company said it would concentrate on nylon, engineering plastics, and fibres in the future.
It said the group’s turnover had increased by 6% to E608m in the first half of 2004, compared with 2003, as a result of this strategy.
Radici president Angelo Radici said: “This operation is an important step in our strategy to focus on highly specialized businesses and backward integration, especially in the fields of engineering plastics and nylon fibres where we can be ranged among the first five European groups.
“We move away from the plastics commodity market to put all our efforts into production of specialized polymers, granting, in the meanwhile, a greater financial stability to our group.”
Aussapol produces PET for bottles and fibres and had 140 employees and E130m turnover in 2003.
