Norican today announces the sale of its die casting technology business, ItalPresseGauss (IPG), in a management buy-out (MBO).The transaction involves the existing management of the company, alongside Norican’s owner Altor, a private equity investment company.
Anders Wilhjelm, CEO of Norican, said: “Following a strategic review of our businesses, we have concluded that Norican is not the best owner of ItalPresseGauss. IPG will therefore separate from the Group and we are excited that this will happen through a management buy-out. Members of IPG’s current management team are stepping up to set the business on a new path outside Norican. It’s a strategic move that will allow both IPG and Norican to focus more effectively on their respective core competencies and better serve their customers."
Marco Gandini, CEO of ItalPresseGauss commented "We are excited about this new chapter for IPG. This move is all about being more responsive to our customers and market needs. We believe that by becoming more independent, and with a simplified organization setup, we can continue to innovate and deliver the best possible value to our stakeholders. Together with our Chairman, Peter Holm Larsen, we are extremely committed to succeed in this new challenge and opportunity, supported by a strong team of motivated professionals and young talents".