Reno de Medici to divest its full owned French company

Photo: RDM

The Board of Directors of RDM Group favorably assessed an irrevocable offer received by its subsidiary RDM Blendecques S.A.S. for the purchase of its 100% interest in R.D.M. La Rochette S.A.S. The offer was submitted by Bonaparte Holding SAS.

RDM Blendecques S.A.S. thus today signed a put option agreement to sell its fully owned French company R.D.M. La Rochette.

The offeror, Bonaparte Holding SAS, is a company under French law controlled by Mutares SE & Co. KgaA, an investment holding listed on the Frankfurt stock exchange and specialized in the acquisition of medium-sized companies.

Michele Bianchi, CEO of RDM Group, commented: “By accepting the irrevocable offer for the purchase of La Rochette, RDM Group has taken the opportunity to exit from the FBB business, the segment of cartonboard for folding boxboard based on virgin fibers. Compared to when it was acquired by RDM in 2016, the profitability of La Rochette plant has increased, also thanks to the operating efficiencies achieved in these years and our team’s management effort. However, reaching an operating profitability in line with the average rate of the other assets in our portfolio would require further significant capital expenditures.”

“By exiting from this segment, RDM Group will effectively unlock resources and managerial energies to increase its focus on the current growth and consolidation path,” CEO Michele Bianchi continued, “Through the integration of the most recent acquisitions Barcelona Cartonboard and Paprinsa, the closing of which is expected to take place in the coming weeks, we are working to strengthen our leadership in the WLC market.”