The agreement gives it the option to purchase the remaining shares. 

In a press release, Bobst stated that Federico d'Annunzio, the owner of Nuova Gidue, will remain in the company as CEO and shareholder.

Bobst said that it expects strong growth in the labels and packaging industries and plans to build on the expertise and dedication of Nuova Gidue’s existing management and employees at its location in Florence, Italy. 

Erik Bothorel, head of Bobst business unit web-fed, said in a statement, "We want to grow in the label segment and establish our leadership in short-run packaging solutions. The innovative technologies of Nuova Gidue in flexography and offset can be easily integrated into our existing product lines."

Federico d'Annunzio, CEO of Nuova Gidue, said, “We are proud to be part of a global organization and to bring in our established presence in the label market, as well as the recognised Nuova Gidue culture of innovation. Our partners, customers, suppliers and employees will take great advantage from the long term plans of Bobst Group."

The financial details of the deal were not disclosed.  

PrintWeek India approached both parties in India. However, we are yet to hear from Gidue’s Indian representative, Reifenhauser and Bobst officials in India about the aftermath of this agreement on the Indian operations of Giude.