Through its takeover of the STEIGER Group, headquartered in Vionnaz, Switzerland, the ITEMA Group will further expand its leading position in the textile machinery business.
The STEIGER Group develops, manufactures and sells flatbed knitting machines. In 2005, the group achieved sales of approx. CHF 20 million with a workforce of approx. 100 in Switzerland, China and Italy.
Last week, the ITEMA Group and the STEIGER Group signed an agreement for the takeover of 100% of the share capital of the STEIGER Group retroactively as of 30 April 2006.
For the ITEMA Group, this planned takeover represents a further major step towards becoming the world's leading manufacturer of textile machinery. “We will thus strengthen our position as manufacturers of textile fabrics."
"The flatbed knitting machines complement our weaving machines ideally and will in future be a major pillar of our Group,” said Miro Radici, President and CEO of the ITEMA Group.
Marcello Baseggio, Managing Director of the Steiger Group, stated that, “By joining a strong group in the textile machinery business we will secure both our market position and jobs. Our customers will profit from the ITEMA Group's strong global network through our closer proximity to them.”
The ITEMA Group now embraces 9 companies and 7 development centres and is represented in more than 90 countries. In 2005, with a workforce of 2.700, the group achieved a turnover of EUR 605 million.
The ITEMA Group includes the following companies: Savio (winding machines), Promatech and Sultex (weaving machines), First (accessories) and Eutron (electronic components). Companies operating abroad: Itema India, Itema Shanghai Textile Machinery, Itema Asia.
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