On July 19th, PHI Industrial completed the acquisition for 100% of the shares of Covit from its previous owner, Grup Vemsa.
In a new step in Grup Vemsa’s divestment process, the company owned by the Bofill family has sold Covit, a company specialized in the production of metal parts for packaging of the cosmetics and perfume industry.
In the past two years, and as a result of the economic crisis and the consumption standstill, Covit has suffered a sharp fall in its workload. Their customers, main players of the cosmetic and perfume industry, reduced their stocks level and paralyzed new orders, which forced the company to implement a temporary employment suspension and a definitive suspension of employment for 32 people.
PHI Industrial, after months of negotiations with the former owner of Covit and with the 13 financial institutions creditor of Grup Vemsa, incorporates Covit to its industrial holding. With this purchase, PHI not only has the opportunity to restructure a company with large margins of improvement as is Covit, It confirms its capacity for growth after the separation from Arques Industries AG.