Sirmax Group, a company specializing in the production of thermoplastic granules for a range of industries including automotive, appliances, electronics, construction, and furniture, celebrated its 60th anniversary at its Cittadella headquarters. The company, led by President and CEO Massimo Pavin, marked this milestone with a special event attended by notable guests such as Luca Zaia, President of the Veneto Region; European Parliament member Elena Donazzan; Leopoldo Destro, President of Confindustria Veneto Est; Massimo Bitonci, Undersecretary for Enterprises and Made in Italy; Antonio De Poli, Senate Quaestor; Roberto Marcato, Regional Minister for Economic Development; and Luca Pierobon, Mayor of Cittadella.
60 Years of Innovation
The morning event reflected on Sirmax’s journey, which began in 1964 in Isola Vicentina with the founding of Sirte. In 1999, Sirte, founded by Lorenzo Coppola, was acquired by Maxplast, a company established in 1992 by the enterprising Pavin brothers, Massimo and Roberto. The merged company was renamed Sirmax and quickly grew into a major player in the global market by diversifying production, enhancing technological research, and expanding into new business sectors such as appliances, automotive, and electronics.
International expansion has been a defining characteristic of the company's history. Following the opening of a new facility in Tombolo (Padua) for the production of a variety of technical polymers, Sirmax began its globalization journey in the 2000s. In 2006, it established a greenfield plant in Kutno, Poland, followed by a facility in Jundiaí, São Paulo, Brazil in 2014, and another in Anderson, Indiana, USA in 2015. The expansion continued in India in 2017 with a joint venture with Autotech Polymers, part of the Tipco Group, a long-established company specializing in the appliance and automotive sectors with plants in Valsad (Mumbai) and Palwal (Delhi). This alliance, named Autotech Sirmax, allowed the group to establish a presence in the Asian market. In 2019, Sirmax inaugurated its second plant in Kutno, and in 2022, the second Anderson facility was officially launched.
In 2019, Sirmax also began investing in the circular economy with the acquisition of Microtec, a Venice-based producer of compostable and biodegradable compounds, and Società Europea di Rigenerazione (SER) of Salsomaggiore Terme, which operates a plant dedicated to post-consumer waste recycling. The company’s commitment to research continued with the creation of Smart Mold, a spin-off from the University of Padua which is 50% owned by Sirmax and assists customers in component design, material selection, and process optimization.
"The history of Sirmax," said President and CEO Massimo Pavin, "is a story of unexpected opportunities and the unique qualities of the people involved. But it is also a story of keen market awareness and the courage to invest. Sirmax would not have reached its current achievements without entrepreneurial tenacity and a cohesive team capable of executing ideas and business strategies."
Strong Growth in the First Half of 2024
Sirmax looks to the future with confidence, buoyed by a positive 2024 mid-year financial report. Revenues reached €215 million, up from €200 million in 2023, driven by a 10% increase in sales volumes and an EBITDA of €24 million. These strong results are the outcome of four years of investments totaling €180 million, which include doubling capacity in the US and Poland, a 10% increase in European production capacity, and acquisitions in the recycled plastics (SER, now Sirmax New Life) and bio sectors (Microtec, now Sirmax). Diversification has proven to be a winning strategy for Sirmax: Today, bio-plastics – particularly post-consumer plastics – account for 90% of new project volume and 10% of current revenues. Looking at it in terms of sectors, automotive represents 20% of the total, with 20% of that segment comprised of green products.
Sirmax’s geographic diversification has also been a key success factor. While Europe remains stagnant, Sirmax reported a 20% growth in the US market during the first half of 2024, capturing new market share. The Group also grew by 10% in Brazil and India, with the latter benefiting from the country's domestic production and consumption stimulus programs.
"Our strength lies in both product and geographic diversification," commented Massimo Pavin. "For example, while the appliance sector remains flat, we have increased our volumes by gaining market share with circular products. Another key factor behind the success of the first half of the year is our localized value chain, with short supply lines directly in the regions where we operate. This allows us to mitigate the impact of geopolitical issues, shipping costs, or trade policies."
Future Investments in International Expansion
Looking ahead, Sirmax’s 2025-27 industrial plan includes €30 million in new investments. The company’s future challenges will focus on further international expansion, aligned with its multi- country, multi-product strategy and a strong commitment to sustainability. Planned projects include completing the group’s 14th production plant in Hosur, India by 2026, in addition to the two existing Indian facilities, and further investments in the Anderson site.
"The company currently has excellent growth prospects in the US, India, and Brazil," President Pavin concluded. "Europe remains our largest market, but it is still facing challenges. Much will depend on how the European government decides to handle the regulation of incoming goods. The risk is that our companies could lose competitiveness to Asian economies unless the same environmental protection rules applied in Europe are enforced there. I have high hopes for the document recently presented by Mario Draghi; Europe will continue to play a crucial role in the global economic landscape."
