UNIC – Italian Tanneries invests in Sicit’s circular economy

UNIC – Italian Tanneries has acquired a quota of SprintItaly through its subsidiary Lineapelle S.r.l., which will see the association of the tanning industry owning 2 percent of Sicit’s capital.

The investment of 4 million euros is part of UNIC – Italian Tanneries investment in Sicit’s circular economy, and will allow them through Lineapelle to have voting rights on the new company once the acquisition is complete.

In a statement, it confirmed that Lineapelle will control Sicit with an acquisition operation and will set the newly-acquired business to be quoted on the AIM Italia of the Italian Stock Exchange. Currently, Sicit is completing the business combination process with SPAC (Special Purpose Acquisition Company) SprintItaly, an operation worth 100 million euro that will allow the Sicit to accelerate its strategic growth plan both in Italy and abroad, which includes the upgrade of the existing sites in Arzignano and Chiampo (Vicenza, Italy), the expansion of the research and development lab and the construction of a new production site in South America.

Cav. Lav. Gianni Russo, president of UNIC – Italian Tanneries and Lineapelle, said in a statement: “The acquisition of a part of Sicit’s capital is proof of our trust in the future of the segment, as well as being a core part of the strategic goals of the association, influential and vigilant travel companion to Italian tanners during their journey towards the continuous development of their sustainability practices, with always-larger investments.”

Massimo Neresini, chief executive of Sicit, added: “The investment made by UNIC – Italian Tanneries represents an important endorsement for Sicit’s green entrepreneurial model, which makes us proud and can only re-assure the financial markets with regards to the goodness of their investment. Moreover, this decision testifies the quality of the work we have done throughout the years, which has allowed us to further strengthen our presence on international markets.”

UNIC represents around 1,200 businesses, which employ around 18,000 people and a combined revenue of about 5 billion euro, 76 percent of which originates from exports. The Italian tanning industry is an historic and consolidated example of circular economy, due to the fact that it utilises large quantities of the meat industry’s waste (animal remains) so that it doesn’t go to waste, thus reducing the environmental impact and creating a worthy product that has very high-level technical performances that last throughout time.