Sacmi Group sells plastics division to US-based Kingsbury Group

Calling it three of the company's "family jewels," the transaction includes Negri Bossi, a designer of plastic injection molding presses; Bi-Power, a Sacmi branch specializing in the manufacture of large presses and a long-standing supplier to Europe's major automobile manufacturers such as Fiat-Chrysler; and Roboline-Sytrama of Vignate (Milan), a provider of robotized business solutions to the plastics industry.

Cassani says that the business is currently work 100 million Euros, but overall volumes are expected to rise to 250 million Euros due to subsidiaries in Spain, France, UK, India, Canada and the U.S.

"My presence on the new Kingsbury-Negri Bossi board of directors, ensures strong ties with the Sacmi Group, which remains the main supplier of high ton presses, built in Imola," Cassani said. "The current portfolio, at record levels ever since we started manufacturing in Imola, now obliges us to increase staff numbers there, and we do so with pleasure."

The new owners have expressed their intent to maintain the current output facilities without any personnel cuts. The emphasis is on growth, which is driven by the markets in the U.S. and the UK.