Ferretto Group announced the transfer, in favour of Wipro Enterprises Private Limited – or to an affiliate of the same – of the majority of the quotas of its subsidiary Ferretto Automation & Services, which will own the automation & services division, further to a contribution of the relevant business by Ferretto Group, with the aim of maintaining business and operational continuity, which is also assured by the fact that the Ferretto family will retain a minority shareholding and by the position held by Riccardo Ferretto who, following transaction, will remain Chairman and CEO of the company. The Group’s vertical storage system division, on the other hand, will still be wholly owned by the Ferretto family.
With more than 65 years in business, Ferretto Group designs and manufactures a complete range of cutting-edge solutions to meet the demands of all sectors and for all applications in the field of automated storage and retrieval systems, automatic storage systems for slabs and metal sheets, and vertical storage systems.
With this transaction, the automation & services division will open up to a new international dimension through the envisaged synergies with the Indian multinational corporation, based in Bangalore, Wipro Enterprises Private Limited, already active, inter alia, in industrial automation through the specialized division run by its subsidiary Wipro Pari. Wipro, already an acknowledged market leader on a global level in the supply of turnkey automation solutions for Global automotive OEMs specifically in the BEV – Battery Electric Vehicles and HFCV – Hydrogen Fuel Cell Vehicles, aims to expand – thanks to this transaction – its product offerings to include Industrial, CPG (Consumer Products Group), Retail and e-Commerce Warehousing, Storage and Automation solutions.
As usual, the completion of the entire transaction is contingent upon obtaining the necessary authorizations from the competent authorities and public bodies.
Allen & Overy has advised Wipro Enterprises Private Limited with a cross-border and cross-department team led by Corporate partner Giovanni Gazzaniga, supported by the associates Nicolò Baruffi and Giovanna Sottoriva and by the trainee Houda Latrech.
The Allen & Overy team in Italy comprised partner Livio Bossotto, supported by senior associate Claudio Chiarella, by the associate Paolo Astarita and by the trainee Mariachiara Quintiliani on labour law related matters, associate Elena Cirotti on data protection related matters, senior associate Margherita Banfi on IP related matters, counsel Luca Amicarelli, supported by senior associate Roberta Errico on public law and regulatory related matters, and supported by associate Arianna Fletcher on FDI related matters, and partner Emilio De Giorgi, supported by associate Arianna Fletcher on antitrust related matters.
