Panariagroup has chosen Tagetik 3.0 to ensure compliance with Law 262/05, the Italian equivalent to the Sarbanes-Oxley regulations for financial governance.

“Our company needed to adopt a solution that could adequately respond to dynamic challenges – whether new strategies or new acquisitions - and meet the requirements of 262/05”.

“Tagetik 3.0 fits our needs perfectly. Since the software is Web-based, it is very simple to use, manage and maintain which also results in a very low cost of ownership. Thanks to the competence and flexibility of the professionals at BGP Consulting, we were also able to implement our custom solution in the allotted time frame”.

Bartolomeo Vultaggio, Head of Internal Auditing - Panariagroup Industrie Ceramiche

The company

With a consolidated turnover as of  December 31st 2006 of 351,6 million euros and a gross operating margin of 49,9 million euros, Panariagroup, with registered offices in Finale Emilia (Modena), heads a Group listed on the Star segment of the Italian Stock Exchange, and has been active for 30 years in the manufacture and marketing of ceramic materials for flooring and tiles, with a focus on the high-end and deluxe segment of the market.

With over 1800 employees and 6 manufacturing plants (3 in Italy, 2 in Portugal and 1 in the US), Panariagroup is among the leading manufacturers of ceramic tiles in Italy. Panariagroup operates through 7 benchmark brands (Panaria, Lea, Cotto dŽEste, Fiordo, Margres, Novagres and Florida Tile), all positioned on the high-end and deluxe segment of the market. The company distributes its products through a sales network coordinated and managed by the heads of the seven brands, and made up of 500 employees in management, sales correspondence, and pre- and post-sale customer assistance, serving a base of over 7,000 customers. Following Florida Tile acquisition, the Group relies also on a network of 25 directly managed branches in the fast growing US market. Starting in the mid-1990s, the GroupŽs activity has been increasingly focused on the manufacture of ceramic materials for flooring and tiles in porcelain stoneware. The  product range has been completed with the wall tiles produced and distributed by Novagres and Florida Tile. Export, particularly towards Western European countries and the United States, represents about 70% of the consolidated turnover. The main factors in the companyŽs success are its solid experience, the name recognition of its brands, its intense research and development activity, its extensive sales network, and the international scope of its end markets. Panariagroup is a subsidiary of Finpanaria S.p.A., which holds 64.2% of its capital; the remaining 35.8% is made up of floating shares.