February 27, 2019 Pamplona, Spain and Lucca, Italy.
The owners of Pamplona, Spain-based Tiruna Industrial Group (TGI) and Lucca, Italy-based Fosber Group, have jointly confirmed that they have now completed a shareholding deal. The deal centers around Fosber acquiring shares in TGI; as a result, Fosber is now holding the majority of the shares in the Spanish company. Established in 1921, TGI owns Tiruna S.L. (the Pamplona business unit), Tiruna France (located in Lyon) and Tiruna Brazil (located in Curitiba). The financial terms of the deal have not been disclosed.
This is an exciting development that will further cement both companies as world leaders in the field of corrugating machinery and rolls.
All the interested parties are fully committed that Tiruna’s existing policies and business organizations will remain totally unchanged, operating under the same name Tiruna S.L. and guaranteeing that all customers will continue to receive all business and services as usual. Tiruna’s corrugating rolls will continue to be 100% produced, manufactured and serviced from either Europe and USA, in exactly the same way as before the deal.
Tiruna and Fosber have agreed to jointly continue developing Guangdong Tiruna, the production facility in China where they manufacture high quality corrugating rolls, specifically marketed for the Asian market (in particular for South East Asia, China and India). By combining the Tiruna know how with the proven capabilities of Fosber of managing a production facility in China is not unrealistic to forecast that this enterprise will very quickly become the market leader in these fast growing target territories.
“This is an excellent strategic move for the development of Tiruna, as growth over the last five years or more has partially been attributed to the strong orders received from Fosber for the supply of corrugating rolls for their growing number of complete corrugators being installed around the world,” states Jose M. Guibert, TGI President and Tiruna’s Managing Director. “We have earned a strong reputation from the market for not only supplying the highest quality of finished goods, but also for the exceptional levels of service and support. This will only be enhanced from now, as it is very much ‘business as usual’ for us and our growing customer base around the world.”
“As two companies, we have been aligned for many years,” says Massimiliano Bianchi, President and Managing Director, Fosber Group. “Our wholly owned subsidiary, Fosber America, has been a partner with Tiruna in the Tiruna America business, based in Green Bay, Wisconsin for many years. This shareholidng acquisition brings the two companies, who share a common customer base, closer together, allowing for continuing growth, as well as securing the supply of excellent rolls quality that we need for Fosber’s ongoing activities.”