Automotive slowdown affects diversifying Pasubio
Automotive leather group Conceria Pasubio has reported a dip in first quarter revenues due to a slowing car sales market, but closed the acquisition of family-run leathergoods-focused tannery Antiba (pictured) in Tuscany.
Pasubio reported revenues of €81 million for the three months ended March 31, compared with €88 million in the same period last year.
During the period, the global automotive market was hit by shifting consumer preferences, regulatory changes and geopolitical factors, said the group, with total production volumes falling slightly.
Antiba produces chrome and vegetable-tanned goat and half-calf skins for the luxury leathergoods market. It closed its latest fiscal year with revenues of €57 million and earnings of €12 million.
Pasubio said: “The acquisition strengthens Pasubio’s presence in the Tuscan leather district, representing a significant territorial and product diversification for the group.”
Our recent Market Intelligence report suggested the purchase by Pasubio’s private-equity owners signifies “a high level of basic trust in the future of leather”.
The Conceria Pasubio Group supplies finished leather for seats, dashboards and steering wheels to Porsche, Jaguar Land Rover, Lamborghini, Bentley and Rolls-Royce. The group operates 11 manufacturing plants comprising five production facilities in Italy, one in Germany, and cutting and lamination facilities in Italy, Serbia, Mexico and South Africa.
