Following a preliminary agreement reached on 13 April 2017, Itema has signed a final agreement for its acquisition of 61% of the shares in Lamiflex, thus becoming the majority shareholder in the supplier of composite materials and products.
The takeover is part of the wider strategy of Itema’s Italian shareholders, the Radici family and the Arizzi e Torri families, to maximise the return from investments in locally based, multinational companies and share the excellence of Made in Italy (and Made in Bergamo) throughout the world.
“The Itema-Lamiflex partnership goes well hand in hand with the Radici family determination to concentrate on business operations that ultimately lead to increased sustainability,” comments Angelo Radici, who joins the Board of Directors of Lamiflex.
“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, thus acting as a trailblazer for endless future growth opportunities and synergies of scale.”
“With over forty 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 are convinced that being part of the Itema-Radici companies will greatly increase our opportunities to better compete globally by teaming up and building on our achievements so far,” states Luigina Bernini, President of Lamiflex.
The companies say the deal is set to create and stimulate significant synergies along the supply chains in which they operate and to enable growth not only in the textile machinery sector, but also in new, innovative sectors such as composites.
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