As reported by Corriere della Sera, the leading Italian daily newspaper on 6 Nov/2000, Bormioli, the Italian glass empire, seems to be going to pieces, due to overwhelming debts, too rapid growth and arguments among shareholders. After almost a century, the Bormioli dynasty is disappearing from the board of directors. Rocco Bormioli's heirs have had to step back and leave the field to managers and a complicated restructuring plan. His sons, Rocco, Giovanni and Francesco, all majority shareholders, left the board and waived all executive powers in September 2000, as did all the minor shareholders, the Tirelli family (25.2%), the BSN/Danone representative (16.3%) and the Paribas representative (11%), reducing the board from 11 members to five. The firm is still in the hands of Franco Boni, MD since last summer.
