UNIC-Italian Tanneries invests in Sicit’s circular economy

27 March 2019

UNIC-Italian Tanneries, the most important and most organised association of the tanning industry at a global level, has acquired, through its subsidiary Lineapelle, a quota of SprintItaly. The latter, which will control SICIT with an acquisition operation, will set the newly-acquired business to be quoted on the AIM Italia of the Italian Stock Exchange. The ownership of Gruppo UNIC – Lineapelle will be of about 2% of the total capital and will include voting rights on the new company once the acquisition is complete.

UNIC represents around 1,200 businesses, all together employing circa 18,000 people and a combined revenue of about 5 billion euro, 76% of which originates from exports. The Italian tanning industry is an historic and consolidated example of circular economy, due to the fact that it utilizes large quantities of the meat industry’s waste (animal remains) so that it doesn’t go to waste, thus reducing the environmental impact and creating a worthy product that has very high-level technical performances that last throughout time.

“The acquisition of a part of Sicit’s capital is proof of our trust in the future of the segment, as well as being a core part of the strategic goals of the association, influential and vigilant travel companion to Italian tanners during their journey towards the continuous development of their sustainability practices, with always-larger investments”, stated Gianni Russo, president of UNIC-Italian Tanneries and Lineapelle.

“The investment made by UNIC – Italian Tanneries represents an important endorsement for Sicit’s green entrepreneurial model, which makes us proud and can only reassure the financial markets with regards to the goodness of their investment. Moreover, this decision testifies the quality of the work we have done throughout the years, which has allowed us to further strengthen our presence on international markets”, commented Massimo Neresini, CEO of SICIT.

As of right now, Sicit is completing the business combination process with SPAC (Special Purpose Acquisition Company) SprintItaly: an operation worth 100 million euro that will allow the company (Sicit) to accelerate its strategic growth plan both in Italy and abroad, which includes the upgrade of the existing sites in Arzignano and Chiampo (Vicenza, Italy), the expansion of the R&D lab and the construction of a new production site in South America. At the end of this growth plan, SICIT will be quoted on the AIM Italia stock market (small caps), and it plans on starting, while considering the necessary time and steps, the process to move to the MTA (Mercato Telematico Azionario) which is for medium and large caps.



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