4 February 2021
Heidelberg Sale of Gallus Collapses
GERMANY ,—
Major label press manufacture owned by Heidelberg
Major label press manufacture owned by Heidelberg
In a surprise announcement late last week Heidelberg said that the €120m  sale of the Gallus label press manufacturer operation  to Benpac Holding was not completed. Heidelberg had expected to make a gain of around €50m on the sale. Heidelberg’s share price fell by more than 14% as the stock market reacted to the news that its deal to sell Gallus had fallen through. Heidelberg is also likely to pursue Benpac for damages. The five sites and around 430 employees of the Gallus Group will remain with Heidelberg.
Heidelberg has been selling of divisions for the last several years
Heidelberg has been selling of divisions for the last several years
Nothing will change for Gallus customers. Heidelberg will continue continue to handle sales and service for the Gallus portfolio . Benpac Holding has blamed “resistance” from the Gallus operations and the market in general, conflicts over future co-operation, and negative media reports for its decision not to complete its takeover of Gallus as planned. The privately-owned Switzerland-headquartered group has grown on  a string of acquisitions under the leadership of founder and CEO Marco Corvi.
 
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