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NEWS
Marangoni Appoints New CEO
Brazilian produced products, which are stored in Vipal’s Distribution Centres in Spain, Germany, the United Kingdom and Slovenia.
Mezcla Caucho has operated in the rubber composites manufacturing market for the tyre retreading industry since 1995. Today, it has a diversified
production and operates in a number of segments including industry, mining, engineering and footwear. The company will continue to produce and marketing its own brand’s product line in addition to manufacturing product for Vipal.
Chairman Vittorio Marangoni welcomes the new manager, who will lead the Group to successfully take on the new challenges posed by tyre global market
The Board of Directors of the Marangoni Group have announced the appointment of Dino Maggioni (48) as the Italian Group’s new Chief Executive Officer.
Maggioni, who replaces former CEO Massimo De Alessandri, was most recently CEO of Pirelli Industrial North & South America, but has also held senior management roles at CNH Industrial and Magneti Marelli.
Dino Maggioni was welcomed to his new role by Marangoni Group Chairman Vittorio
Marangoni, who stated; “With the arrival of Dino Maggioni our Group will take advantage of his experienced leadership in the automotive sector and proved managing capabilities. I confirm to him my full personal trust and that of all the employees, who are excited to contribute to implementing the business plan aimed at completing our ongoing strategic repositioning. This will allow us to successfully overcome the future challenges in the global tyre market.”
Goodway Buys Security Solutions Firm in Reverse Takeover Exercise
Vipal Signs JV
with Mezcla Caucho
Goodway Integrated Industries Bhd is diversifying into the national security solutions sector by buying the entire equity interest in S5 Systems Sdn Bhd for RM 900 million. To be paid with new Goodway shares, the purchase will result in the vendor, NSA Technology Sdn Bhd, becoming Goodway’s controlling shareholder.
In a filing with Bursa Malaysia, Goodway said it had inked a conditional agreement whereby it would pay NSA by issuing 1.8 billion new Goodway shares at 50 sen each.
Under the corporate exercise, it was also proposed that the vendor undertake a restricted offer for
sale of the rights to allotment of up to 165.776 million consideration shares to the entitled Goodway shareholders on the basis of three rights shares for every two shares held at an entitlement date to be determined.
S5 Systems, a Multimedia Super Corridor company with pioneer status, derives its income mainly from immigration security projects in Malaysia and overseas, such as India, the Philippines and Vietnam.
After the proposed acquisition and proposed offer for sale NSA
Technology will end up with an 85.54% stake. Chief executive officer and group managing director Tai Boon Wee’s effective (direct and indirect) stake in Goodway will fall from 31.26 to 2.72 per cent while the Armed Forces Fund Board’s (LTAT) direct interest in Goodway will shrink from 11.32 to 0.96 per cent. Goodway proposed that NSA and persons acting in concert with it be exempted from the obligation to undertake a mandatory take- over offer for all the remaining voting shares in Goodway not already owned by them after the proposed acquisition.
The vendor, it was announced, also plans to place the rights to allotment of up to 440 million consideration shares to investors to be identified via book building amounting to at least RM220mil. “The injection of S5 Systems is a significant milestone to Goodway’s corporate history as a listed entity. This change in business direction will not only diversify our revenue stream but also position the company in better stead amidst the growing challenges of our manufacturing business against a difficult global business landscape,” Tai said in a joint press statement.
Starting in the second half of 2016, hot cure products with the Vipal brand will start being produced in Aspe near Alicante, Spain thanks to a joint venture that the Brazilian company has concluded with Spanish compounder Mezcla Caucho, part of the Grupo Soledad group of companies. After a long period establishing familiarity and a business partnership between the two companies, the result is the first production line for the Vipal brand outside Brazil. With this step and before the end of the year, Vipal intends sales of its non-vulcanised rubber strips to increase significantly in Europe. With this action, local production
will ensure more efficient service for a product line that is highly sensitive due to its short shelf life. “We have a very close relationship with Grupo Soledad, and this opportunity reinforces the existing synergy, with the goal of offering the market high-quality products with the responsiveness required to meet our clients’ needs” commented Leandro Rigon, Vipal’s Director of International Business. The agreement was officially signed in May during the latest edition of Reifen in Essen, Germany.
Vipal Europe, located in Valencia, will be responsible for selling the local production. The brand will continue as normal to supply its
4 Retreading Business