German refuse collection vehicle manufacturer, ZÖLLER-KIPPER GmbH, has acquired 60% of the shares in Italian waste truck manufacturer FARID, FEG Brivio S.p.A.
FARID’s founding families, Orecchia, Mazzini-Martinelli, and Brivio, will continue to hold stakes in the company and CEO Marco Orecchia will continue to lead the company. The ZOELLER Group meanwhile explained that it can expand its market presence through the majority takeover.
"With this step we expand our range of products and services and can serve our customers even faster and more comprehensively with combined forces," explained Thomas Schmitz, CEO of the ZOELLER Group.
Marco Orecchia, CEO FARID, added: "The owner families Orecchia, MazziniMartinelli and Brivio are very happy to join forces with ZOELLER. We look forward to a very prosperous future together in a larger combined group and can therefore offer the entire customer base an even broader range of vehicles and services.
FARID employs over 550 people in Italy, the UK, France and Switzerland and has three production plants maing vehicles of various body sizes. It exports to over 80 countries and achieved an annual consolidated turnover of €140 million in 2018.
ZOELLER Group, currently employs 1700 employees in six countries and generated annual turnover of €270 million in 2018.
ZOELLER is part of KIRCHHOFF Ecotec, the environmental division of the KIRCHHOFF Group, which has some 13,000 employees an annual turnover of €2.15 billion in 2018. Vitale & Co and Law firm Giliberti Triscornia e Associati acted respectively as financial and legal advisor to FARID shareholders.
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