Wool move for Indorama
Fibre group Indorama (IVL) has acquired the wool-spinning operations in Italy and Poland of Italian fabrics and yarns manufacturer Tollegno 1900. The acquisition also includes a top-dyeing operation in Poland and a yarn-dyeing operation in Italy.
Thailand-based Indorama said this acquisition was “a strategic fit” for its business platform and would make a significant contribution to the growth of its wool business.
These operations will be renamed Filatura Tollegno 1900. A full traceability project of the fibres used for yarns and fabrics will be another aspect of the deal. Tollegno’s chief executive, Giovanni Germanetti, will continue in the same role with Filatura Tollegno 1900, facilitating continuity and exploring new growth as part of IVL. Previous company president, Lincoln Germanetti, will also remain with Filatura Tollegno 1900, taking up the role of chief operating officer.
Commenting on the deal, Giovanni Germanetti said: “Indorama Ventures is a very suitable business match for Tollegno as we are also a large family business with the same core values. 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 offers our employees and customers new opportunities to thrive in the future.”
Indorama’s vice-president for wool, Aradhana Lohia Sharma, said: “This adds to the diversity of our wool business. Fundamental to our acquisition strategy is integrating talented people into IVL. We welcome our new employees; their knowledge and passion can develop as part of a larger company and drive value in an ethical way.”
