(Alliance News) - Ilpra Spa announced Monday that it has signed an agreement to rise from 52 percent to 71 percent in Ilpra System UK Ltd.

The latter, founded in 1990 and headquartered in Swindon, UK, reported 2023 sales of GBP8.7 million, Ebitda of GBP1.2 million, and a positive cash position of GBP2.7 million.

The agreement provides for the sale of the stake held by Brian O'Donoghue, of 14,500 shares and equal to 24 percent of the share capital of Ilpra System UK, the company's current manager, who, due to age limit, will leave the leadership of the British company in favor of Mike Portera, but will continue in a commercial role within it.

Maurizio Bertocco, president and CEO of Ilpra, said, "The group continues its policy of strengthening and reducing minorities, it wants to rejuvenate the management especially of the commercial subsidiaries, in order to keep up with the times and where competition is increasingly fierce. I want to thank Brian O'Donughue for the excellent work he has done over the years and will continue to do, in the commercial area only, and to congratulate Mike Portera, who has been with us for many years now, on his professional growth and future adventure at the helm of Ilpra System UK, supported and flanked by Livio Liborio Portera."

Ilpra's stock is down 0.9 percent at EUR5.60 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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