The legendary Italian espresso maker Bialetti has a new investor and therefore creates a remarkable turn. The traditional company has been in crisis for years and has now been swallowed by NUO Capital, which is under Chinese control.
The new owner takes over a participation of 78.5 percent about the company from the current majority shareholder Francesco Ranzoni, as Bialetti announced on Wednesday in a press release. The value of the company is estimated at 30 million euros, the debt is 124 million euros.
With the Italian tax authorities, the company is overdue with a few million euros in tax payments. In the course of the deal, Bialetti must be taken by the Milan Stock Exchange.
Moka brought about a revolution in the coffee industry
The octagonal espresso maker Moka was developed in 1933 by Alfonso Bialetti. He brought about a revolution in the coffee wages of Italy and worldwide. The company not only produces espresso makers, but also sells electric coffee machines, cups and coffee, as well as smaller kitchen appliances.
“For us, Bialetti is an important and wonderful challenge that sets us new growth bands for a historical brand of Italian culture and tradition,” said Tommaso Paoli, CEO of NUO, the agreement on the purchase of Bialetti.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
