Sacmi takes control as Negri Bossi goes private

Italian injection molding machine maker Negri Bossi is going fully private.

HPS, the holding company of its parent Sacmi Group, has succeeded in acquiring 95 per cent of its share capital, giving it the right to acquire all outstanding shares.

According to a statement from Sacmi, Negri Bossi will be removed from the Milan stock exchange on May 15.

According to the statement, Sacmi will now be free to carry out a full restructuring at Negri Bossi that will involve further integration into the parent – something it was unable to do while Negri Bossi was still a quoted company.

Negri Bossi has urgent need for more cost-cutting measures, Sacmi said.