Vandewiele acquires Savio Group

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 years”.

“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.”

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.