ITLA, a company controlled by Italian CLN group, and Giuseppe e F.lli Bonaiti has announced the merger of some of its units to create a new entity named Itla Bonaiti. This will specialise in cold rolled high-carbon and alloyed strip products and is due to bgein operations in June 2017, Kallanish learns from a release.
The new entity will include the ITLA plants located in Oggiono, together with the plants from the Bonaiti group located in Mogliano Veneto and Palazzago, in northern Italy. ITLA will have a majority control in the new joint-venture.
The steel wiremaking plant controlled by Bonaiti in Calolziocorte will not be part of the operation and will continue to be controlled solely by their current owners.
“The birth of this joint venture represents a further step ahead in the consolidation process in the Italian sector of high carbon steel re-rolling and contributes to the making of a leading company in the Italian market of cold rolled high-carbon and alloyed steel strips,” ITLA says in the statement.
“Itla Bonaiti will benefit from all the synergy advantages offered by the merger: from the integration of the product portfolios, to the optimisation of production capacity, to a greater penetration of European markets, not to mention the improvement in its economic results,” the statement adds.