Forestali buys Morel’s counters for 2.76 million

Forestali buys Morel’s counters for 2.76 million

Industrie Chimiche Forestali bought the tips and counters of Industria Chimica Morel for 2.76 million euro. With this operation, the company based in Marcallo con Casone (Milano), starts the design, production and commercialization of adhesives and textiles with a high technological degree, and will have the possibility of widening its offer and customer base. The agreement for the acquisition of the Morel Milano’s branch (founded in 1900), solidifies the position of Luca Bonfanti, majority owner of the company, in the present organizational chart.

Forestali buys Morel

The acquisition winds that are impacting the fashion segment also has to do with the supply side of the business. ICF – Industrie Chimiche Forestali commented that “the preliminary contract for the acquisition of the division in charge of designing, creating and selling tips and counters for the leather goods and footwear segments” had been signed. Thanks to the operation Morel enters the ICF ecosystem, already populated by brands such as Forestali, Durabond and ABC.

2.76 million euro

ICF will deposit, by March 2022, 2.76 million euro to acquire the company that closed 2020 with a revenue of 5 million euro (50% from export) and a marginality close to double digits. Sales in 2019 had been 7 million. Meanwhile, ICF closed last year with a revenue of 60.5 million euro (down from the 71.1 million of 2019) and an EBITDA of 7 million euro. “This was a strategically relevant operation for ICF”, commented Guido Cami, president and CEO of ICF. “We aim to develop important commercial synergies thanks to the way the products complement each other and the diverse customer base”. In other words: “Creating industrial synergies and adding value to Morel’s resources and products”. How? “Thanks to a managerial approach that characterized the group, without losing any of Morel’s competences”.

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