TFL Italia S.p.A and Industria Chimica Fine S.r.l announced today that they have entered into an agreement for TFL to lease ICF's business and assets from 1st September 2018.
Under the agreement, TFL will manage and operate the ICF business including the manufacturing facility in Medicina Italy, to increase its output of fat liquor chemicals and intermediates for its leather and non-leather customers. TFL will use the increased capacity to supplement the capacity from its existing facilities in France, India, China and Brazil to supply its growing market for innovative Fat Liquors for automotive, furniture and shoe leathers and non-leather applications.
As part of the deal, the current ICF employees will transfer to TFL and TFL will also assume responsibility for supply to ICF's existing customers in leather and in other industry segments.
Brian Watson, the Chief Operating Officer of TFL, comments: 'In the last two years, TFL technologists have successfully developed and introduced to the market a range of innovative new fat liquors that combine excellent technical performance with low emissions, such as CORIPOL AV® and CORIPOL LEO®. The great success of these materials with our customers, combined with the strength of our existing fat liquor sales, has led us to look for options to increase our production capacity for these products. We knew that ICF, as an existing supplier to us of fat liquor intermediates, had a modern automated facility with considerable spare manufacturing capacity so it was a natural fit for us to lease their business and combine ICF's manufacturing strengths with TFL's products and global marketing reach to provide a winning solution for our customers.
Andrea Tarricone, the ‘Amministratore Unico’ of ICF notes: 'We have worked with TFL for many years and I am very pleased to partner with them to take full advantage of our facilities at Medicina'.
By combining ICF's manufacturing capacity and TFL's technical, financial and supply chain strengths we will now be able to provide our customers with a broader range of excellent products and improved service levels.