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Giflor, a Vicenza-based injection-molded plastic closure systems manufacturer for the cosmetic, personal care and pet care, food, para-pharmaceutical and OTC industries has acquired 100% of ITAP International, one of Europe's leading manufacturers of plastic bag-in-box taps for food use with a €7 million turnover. With this transaction, Giflor becomes its sole owner and establishes "ITAP a brand by Giflor".
Nadia Capovilla, CEO of Giflor commented:
"With the acquisition of ITAP, we saw an interesting strategic opportunity that allows us to continue our expansion into a new market in parallel to one in which we operate, building on the technical know-how and well-established relationships with ITAP's customers and suppliers. The food packaging sector is not new to us at Giflor as we have been producing certified injection plastic closure systems for years. ITAP enables us to diversify our offer of food closures and integrate our respective company networks by proposing taps of excellence to the market, which will not only allow the contents to be easily dispensed but also guarantee maximum optimization of the preservation of that content whilst maintaining practicality and the Made in Italy design."
According to Grand View Research, the international Bag-in-Box market —where ITAP already counts upon a well-established foreign customer base— is growing strongly, especially in the food sector: An area where almost all bags mount plastic taps. The total value of the bag-in-box container market is currently close to 4 billion euros with an annual growth rate of between 5 and 7 per cent.
Nadia Capovilla continues:
"Our choice was supported by analyses that record an increase in the market related to bag-in-boxes, particularly in the food & beverage sector abroad along with a growing interest in packaged food products in containers that optimize the use of space, plastic material and the durability of the liquids inside them. With ITAP as part of Giflor, we aim not only to become more competitive and far-reaching in the industry, but to also fuel the growth of the global market by investing in research and development of new closure solutions that are suitable for all kinds of viscosities that comply with strict European regulations and are also certified with product and design patents."
With the company's acquisition by the Fracasso family (the family that founded Gilfor), ITAP a brand by Giflor is part of a production reality that complies with ISO 9001 and BRC standards —the most important certification in the food packaging sector— and will be increasingly focused on sustainability. Indeed, the taps are manufactured with colors that facilitate the disposal and recycling of plastic materials, and because their full-sealing closure solutions zero out drips or leaks, the taps actively combat food waste.
Giflor has already purchased new machines that will allow the growth of its production capacity with the incorporation of ITAP.
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