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New Board composition at M-Stretch and appointment of Group CEO

M-Stretch Spa has announced the appointment of Mr. Alberto Calvo and Mr. Renato Calabrese as new Board members and of Mr. Pierfranco Di Gioia as Group CEO of the company, the holding company of the Manupackaging Group (“Group”), a world leader in the production of stretch film and flexible packaging for industrial and agricultural applications.

Mr. Calvo, an engineer by training, is an experienced strategic consultant and currently manages a venture capital fund. Mr. Calabrese worked as a CFO and managing director in various industrial sectors before founding his own capital management company. The new CEO Mr. Di Gioia is a professional manager with experience in chemicals, packaging and natural extracts companies in Europe, Asia and Latin America.

Mr. Di Gioia has been appointed Group CEO, with immediate effect.

This new leadership will implement an ambitious investment plan aimed at the relaunch of the Group in the next two/three year period.

Effective on April 1st, 2020, the newly appointed members bring a valuable contribution to the Company and a wealth of experience in different segments.

The Group is currently in line with the Business Plan agreed among the main creditors, Oxy Capital and Credito Fondiario. As per today, the COVID-19 pandemic has had a very limited impact on Manupackaging business performance, recording at the end of April a limited slowdown in Latin America and solid growth in the European operations. Most importantly, the Group has immediately adopted stringent safety measures across its locations and has not yet recorded any case of contagion among its employees in Europe or Latin America. The current forecast for 2020 is fully aligned with the Business Plan annual targets.

Mr. Stefano Romanengo and Mr. Giorgio Moroni will continue to serve on the M-Stretch Board.

For more information:
M Stretch
Tel +39 02 67741432

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