US-headquartered Palantir specialises in big data analytics and its share price has gone up by more than 450% over the past year as its AI-enabled automation tools have been adopted by governments and organisations. 

Palantir currently has a market capitalisation of $313.42bn (£232bn).

Fedrigoni, which has grown on the back of a string of acquisitions, said the multi-year partnership would help the group enhance its operational efficiency while also improving its ability to meet customer demands and respond to market dynamics.

CEO Marco Nespolo said the group was embarking on a transformative journey: “Our collaboration with Palantir will enable us to harness the power of AI to be increasingly agile and competitive in a rapidly evolving market.

“This partnership is a critical component of our strategy to lead the industry in operational excellence and customer service.”

François Buhuon, managing director of Palantir France and EMEA executive, said: “This partnership highlights the transformative potential of AI in traditional industries, and we are honored to support Fedrigoni in achieving their strategic vision.

“Our technology will empower them to unlock new efficiencies and drive growth.”

Fedrigoni is being advised on the project by Avatar Investments, Palantir's preferred partner in Italy. 

Fedrigoni was founded in Verona, Italy in 1888. The business claims a market-leading position in specialty papers for luxury packaging and premium wine labels. It also produces self-adhesive label materials, art and drawing papers, and RFID inlays. 

The group employs nearly 6,000 people across 73 facilities in 28 countries. High-profile buys included certain assets of Mohawk Fine Paper, a majority stake in Poli-Tape Group, and Arjowiggins’ China operation.