Management Buys Out Galileo Vacuum Systems

Published: October 14, 2004, By pffc-online.com

PRESS RELEASE

PRATO, ITALY — Officials at Galileo Vacuum Systems report the manufacturer's CEO, Pietro Profumo, is leading a management buy-out of the Italian company from Fata Group, the company's former majority shareholder. Galileo says Fata will retain a minority position in the company.

"This development was motivated by the diverging strategic focus of the two companies," states a Galileo release. "While Fata is moving away from its traditional industrial base in the aluminum sector, Galileo's growing markets in flexible packaging require a more decisive and specific strategy."

Adds Profumo, "Galileo Vacuum Systems' future looks bright. [This year,] 2004, [marks a] record year in terms of new contracts for our roll-to-roll metallizer and slitter/rewinder product lines. Looking forward, we will consolidate our position in the current markets while pursuing new growth opportunities already identified."

Galileo says it will continue its activities in its Prato, Italy, plant. The company also will continue to support its operations via facilities in Atlanta, GA, USA; Shanghai, Peoples Republic of China; and Moscow, Russia.

Learn more about Galileo Vacuum Systems at galileovacuum.com.