Madrid, November 1st , 2013 – Advanced Materials
Altamira and an associated partner (Spanish family office) have communicated to the liquidators in charge their decision to withdraw from the acquisition process.
After months of discussions with the management, unions and the liquidators and despite the quality of this Spanish asset, Altamira has decided that the conditions were not met to acquire Amilco’s assets.
Charles Baumgartner, partner at Altamira said: “Unfortunately we’re not able to save this great niche in Spanish glass packaging technology. The fundamentals were there for an interesting turnaround but ultimately we could not see the 3 or 4 game changers that would boost the top line in a reasonable period of time”
Amilco is a Spanish player specialized in carpools and other glass packaging products. It had entered into financial difficulties in 2012 and had filed for liquidation in Spring 2013.