Vandewiele reached an agreement for the acquisition of 100 per cent of Savio Group. The Savio Group will now be a member of Vandewiele, consisting of several textile machine companies, all trendsetters in their field.
Charles Beauduin, CEO, Vandewiele, stated: “We are extremely proud to welcome the Savio Group with its strong tradition and technology in our Group. The joining of our technological capabilities, R&D and industrial operations will allow us to grow strongly in the next few yearsâ€Â.
“Adding the Savio organisation to our group will provide benefits to many of our customers. We are very excited to welcome the Savio customers and employees to our organisation,†he said in addition.
Alexander Zschokke, Chairman, Savio Group, said,”Receiving such strong interest from important players in this challenging period is recognition of Savio’s strategic value. In the long-term, being part of the Vandewiele Group will preserve our entrepreneurial culture focused on innovation, operational excellence and commercial development.â€Â
Savio is the world leader in the yarn finishing sector, operating in the design, manufacturing and distribution of winding machines, quality control devices and electronic boards for the textile industry. It has factories in Italy, China, India, Belgium, Germany and Switzerland.