ROVERETO, Italy — Marangoni Group has spun off its Marangoni Meccanica new tire manufacturing equipment business, which will operate separately with new shareholders.
The business now is owned as a "standalone entity" by a consortium of companies comprising family business Caran, local investing group La Finanziaria Trentina, and financial group Alto Adige Alpenring.
Through the spin-off, Marangoni said, the new entity could take advantage of "a substantially increased share capital, thanks to the new shareholders."
The business makes equipment used in the production of tire components such as tread base, tread cap, wings, sidewalls, abrasion gum strip and fillers, along with its "Fast" line of customized tire assembly systems.
Caran is a company owned by the family of Giorgio Marangoni, president of Marangoni Meccanica.
La Finanziaria is a holding company for a group of 74 local investors and entrepreneurs.
The company said it will release more information on the transaction in the coming weeks.
It's unclear at this time whether the move is related to Marangoni's unfolding global partnership with Brazil's Borrachas Vipal S.A.
Rovereto-based Marangoni and Porto Alegre, Brazil-based Vipal announced their intention in November 2018 to form a partnership, but the two have disclosed few details since, saying only that it should increase their respective synergies and productivity, thereby strengthening the industrial and commercial organization.