German circular knitting machines developer has new Chinese owner
Santoni Shanghai Knitting Machinery has announced the acquisition of Chemnitz-based manufacturer of circular knitting machines, Terrot.
It said this was the latest development on its path towards building “an ecosystem to reshape and consolidate the circular knitting industry”. Santoni Shanghai was founded and is wholly owned by Italian textile machinery developer the Lonati Group.
The group has estimated that the global circular knitting machine market will see significant growth in the coming years. It quoted a July 2023 report from Consegic Business Intelligence, which forecasts 5.7% annual growth between now and 2030.
It said “increasing consumer preference for breathable and comfortable knitted fabrics” and diversification in knitted apparel would drive this growth.
“The integration of Terrot, which also includes the Pilotelli brand, will bring an immediate, extraordinary boost to our product portfolio,” said the chief executive of Santoni Shanghai, Gianpietro Belotti. “Terrot’s incredible technical capabilities, extensive product range and vast experience in serving customers all over the world will enable us to better achieve our aspirations.”
The transaction to acquire Terrot will be finalised pending approval from regulatory authorities in China.
