NEWS
Sirmax invests €20m; plans for generational handover
Italian compounder Sirmax is looking to the future with the announcement of a new €20m three-year investment programme and the addition of two external board members as the family- owned business prepares for generational change. The current board composed of President Massimo Pavin and his broth- ers Roberto and Vittorio (who hold the roles of CFO and Sales Director House- hold Appliances respective- ly) has been extended to include Alessandro Minichilli, a professor at Milan’s Bocconi University and an expert in succession and transition of family business- es, and Mauro Fenzi, current General Manager of Sacmi. “The generational handover is a long and complex path that needs to be prepared,” said Massimo Pavin, Sirmax Group President and CEO. “A more
of this year are in line with forecasts at €115m, equiva- lent to around 60,000 tonnes of product. Automo- tive sales were up 12% in Q1 and it forecasts sales to the sector to double over the coming three years. “2023 will be a transition-
Above: Alessandro Minichilli (left) and Mauro Fenzi join the board of Italian compounder Sirmax
structured board of direc- tors will give us the most suitable tools to prepare our company — which will remain family-owned — for succession.” The three-year invest-
ment programme will include a number of initiatives, including dou- bling the size of the com- pany’s Indian production site —a joint venture with local compounder Autotech — at Palwal near Delhi. It will
also add to the €10m investment already made in the company’s Aurora Project, which aims to upcycle municipal PP flexible film waste into technical compounds with a minimum 30% recycled content suitable for injection moulded interior parts. Sirmax generated global
sales of €501m in 2022, up by 7% on 2021, and an EBITDA of €30m. The company said sales for Q1
Entek sets up parts division
US-based compounding extruder maker Entek Manufacturing has set up the Entek Wear Parts Division, a new business unit that will manufacture and sell replacement wear parts such as screws and barrels for all brands of twin-screw extruders. “We have built replacement wear
parts for both Entek and other-than- Entek twin-screw extruders for many years now but we recognised the need to devote more resources to this part of our business,” said Linda Campbell, VP-Extrusion Sales for Entek Manufacturing.
www.compoundingworld.com “Entek has always been a company
that grows by listening to the needs of our customers, and what we learned was the industry needs a USA-based parts supplier that truly understands twin screw wear parts and offers tailored made purchasing packages,” she said. The new wear parts business unit will be headed up by Tammy Straw, who was previously Entek’s Marketing and Business Development Director. �
https://entek.com
Right: Entek has set up a separate wear part business unit July 2023 | COMPOUNDING WORLD 5
al year, as we wait for a more structured recovery in 2024. The automotive market has shown signs of rebounding, with a growing demand for components containing recycled plastic parts,” said Pavin.
“Our focus lies on the development of our new businesses, particularly in the realm of circular economy, an area in which we have made significant investments. We are also closely monitoring the supply of performance compounds for electric car battery boxes, a rapidly expanding segment.” �
www.sirmax.com
IMAGES: SIRMAX
IMAGE: ENTEK
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