Bangkok-headquartered Indorama Ventures has acquired the wool spinning businesses of Tollegno 1900, a leading Italian manufacturer of fabrics and yarns.
Tollegno 1900 has a rich family-based heritage with more than 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 specific focus on flat knitting and hand knitting yarns. The acquisition covers a spinning and top-dyeing operation in Poland and a yarn dyeing operation in Italy and is a strategic fit for IVL’s integrated business platform. It will strengthen the group’s footprint for worsted yarns in Europe and help extend its wool products globally, with 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 for the fibres.
IVL Group had sales of $14.6 billion in 2021, and within it, the IVL Fibers business consists of three divisions – Mobility, Lifestyle and Hygiene – with combined sales in 2021 of $4 billion, based on the production of close to two million tons of fibre.
Specifically, as a global leader in PET polymer recycling and with a commitment to the circular economy, IVL has 14 dedicated R&D centres worldwide and is involved in over 100 collaborative projects – many with emerging new companies, to which it can contribute both extensive know-how and the ability to scale.
“Indorama Ventures is a very suitable business match for Tollegno as we are also a large family business with the same core values,” said Giovanni Germanetti, who will continue as CEO of Tollegno. “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 also offers our employees and customers new opportunities to thrive in the future.”
“Our Fibers business has well-established management know-how and expertise in a range of yarns and textile applications,” added Aradhana Lohia Sharma, vice president for the wool business at IVL. “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 who can develop as part of a larger company and drive value in an ethical way.”
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