We are happy to announce a new addition to our Group. As of July KLINGER has closed a Share and Purchase Agreement with the Italian valves producer Burocco Industrial Valves s.r.l. based in Northern Italy. With immediate effect Burocco is now part of the worldwide KLINGER network and fully operative to serve domestic and global customers.
About Burocco Industrial Valves
Burocco offers a wide product range in the industrial valves sector specialized in control valves, on-off valves, manual valves, but also ball valves. The company's product portfolio perfectly complements our current array of products and serves as a strategic addition to our Intec and KFC range. Burocco is a well-established supplier to the chemical and general manufacturing industry but also serves as a partner for many other industries. The recently launched cryogenic valves range is especially known in the medical and pharmaceutical industry. Burocco's net sales have been continuously on the rise for many years and profitability remains at a high level. Burocco currently employs 26 people.
The KLINGER Group Management sees the opportunities of this acquisition twofold: First, it is a major addition to the KLINGER Italy product range giving them the opportunity to better serve the domestic market. Secondly, it gives the Group further cross-sale options in order to strengthen and broaden our customer base. Due to its sound market position Burocco will remain a stand-alone company for the time being and will be managed by Raffaele Pittaluga, MD of KLINGER Italy. He is taking over from the previous owner who will retire after handover. Beneficial to a smooth integration process is the fact that KLINGER has had business relationships with Burocco for more than 5 years. Burocco is a customer currently served by KLINGER Italy who started supplying gaskets back in 2014.
The integration of Burocco into the KLINGER group is a perfect addition to our portfolio and our Group of companies.