The composition with creditors proposal has been approved: Pini with 80% and Amco with 20% enter the capital of the Emilian ham factory
by Micaela Cappellini
The court of Reggio Emilia has put an end to the hardships of the Ferrarini ham factory by homologating the composition with creditors proposal approved by the creditors last October and effectively certifying the entry into the company of the Pini-Amco consortium. In detail, the plan envisages that Rilancio Industrie Agroalimentari Srl, 80% owned by Pini Italia and 20% owned by Amco, the main creditor of the Ferrarini group, will take over the share capital. The court’s decision comes following a process that began five years ago during which the company, albeit in composition with creditors, has always managed to remain on the market. In the first 11 months of 2022 Ferrarini recorded revenues of 120 million euros, with a profit of around 3 million.
The Pini group, owner of two of the largest Italian industrial slaughterhouses for processing pork, had won the Ferrarini at auction at the end of 2021, undermining the Bonterre offer. After the green light from the creditors, collected at the end of 2022, the group was therefore only waiting for the approval of the court to formalize the takeover and start the restructuring of the company. However, given that the Ferrarini factory in Reggio Emilia resides in a historic villa with landscape constraints that prevent its expansion, the management of Pini Italia has also just announced the construction of a new 70 million euro plant, 40 thousand square meters and 400 employees for the production of other cured meats – coppa, mortadella and salami – under the Ferrarini brand. The Pini group has promised the workers of the acquired company to keep employment levels intact.