An Italian multinational company and a member of RadiciGroup, ITEMA, which manufactures textile machinery for all types of weaving, has signed an agreement to acquire 61 per cent of shares in composite materials and industrial textile machinery supplier Lamiflex. The agreement is expected to trigger growth for the two companies’ composites and machinery developments.
Angelo Radici, who has joined the Lamiflex Board of Directors as part of the deal, exclaims the partnership goes hand-in-hand with ITEMA’s determination to improve business operations and sustainability efforts. The takeover is part of the wider strategy of ITEMA’s shareholders to maximize the return from investments in local multinational companies.
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Explaining further, he said, “The technological capabilities of Lamiflex in the composites sector, matched with ITEMA’s strong know-how matured over many decades as a leading supplier of advanced weaving machinery industry, are further enhanced by the vast knowledge of materials chemistry of RadiciGroup.”
Adding to that, Luigina Bernini, President of Lamiflex, commented, “With over 40 years’ experience in the sector, a € 25 million turnover in 2016 and continuous growth that solidly placed us among the leaders in the composites materials business, we’re convinced that being part of ITEMA will greatly increase our opportunities to better compete globally by teaming up and building on our achievements so far.”
According to RadiciGroup, this acquisition will lead to optimizing processes and improving product performances, as well as providing advantages derived from a shorter, more sustainable supply chain, lessening the environmental impact of the joint operations, in line with the principles of a circular, greener economy.
