Indorama Ventures acquires Tollegno 1900’s wool assets in Italy and Poland, supporting sustainable growth in its fibers segment.
Indorama Ventures Public Company Limited (IVL), a global sustainable chemical company, announced the completion of the acquisition of Tollegno 1900 S.p.(Tollegno A.'s 1900) wool spinning businesses in Italy and Poland.
Tollegno 1900 has a rich family heritage with over 120 years of experience and is now one of the leading European textile groups with a total spinning capacity of around 3,500 tons of yarn per year, with a particular focus on flat knitting and hand knitting yarns.
IVL acquired two assets with this acquisition: a spinning and top-dyeing operation in Poland and a yarn dyeing operation in Italy.
The acquisition is a strategic fit for IVL's unique integrated business platform and will make a significant contribution to the company's Fibers segment's long-term growth.
It will also help IVL expand its worsted yarn footprint in Europe and expand its wool products globally through trading subsidiaries in America and Asia.
The operations, which will be renamed Filatura Tollegno 1900, will add more sustainable products to IVL’s portfolio, including a full traceability project of the fibers used for yarns and fabrics, as well as provide synergies with existing assets.
Mr. Giovanni Germanetti, the CEO of Tollegno, will continue in the same role with Filatura Tollegno 1900, facilitating continuity and exploring new growth as part of IVL. Mr. Lincoln Germanetti, the President and co-CEO of Tollegno, will remain with Filatura Tollegno 1900 as COO.
Mr. Giovanni Germanetti said, “Indorama Ventures is a very suitable business match for Tollegno as we are also a large family business with the same core values.
The deal allows us to continue with our trusted, key business leaders, which not only gives us comfort regarding the continuation of the business but offers our employees and customers new opportunities to thrive in the future.”
Aradhana Lohia Sharma, Vice President for the Wool Business at Indorama Ventures, said, "Our Fibers segment has well-established management know-how and expertise in a range of yarns and textile applications. Incremental acquisitions, such as Tollegno, add to the diversity of our Wool business as well as IVL’s integrated offering of sustainable products as a global company.
Fundamental to our acquisition strategy is integrating talented people into IVL. We welcome our new employees to IVL where their knowledge and passion can develop as part of a larger company and drive value in an ethical way."
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