Green light for Santoni acquisition of Terrot
Santoni Shanghai Knitting Machinery has secured the approval of the regulatory authorities in China to complete its proposed acquisition of Terrot.
This approval came two months after Santoni Shanghai, a company wholly owned by Italian textile machinery developer the Lonati Group, first announced its intention to acquire the Chemnitz-based manufacturer of circular knitting machines.
The Shanghai-based group said this acquisition represents “a pivotal step in Santoni’s strategy to advance the circular knitting machine industry”. It said the integration of Terrot would increase its production capacity and boost its market share.
It said it was also aiming to unify “a highly fragmented industry”, and enhance innovation, sustainability and digitalisation to meet market needs more effectively.
It explained that by incorporating Terrot’s offerings, particularly in the double jersey and jacquard sector, to its range of products, Santoni stands to gain a competitive edge.
Terrot will continue to operate under the leadership of current managing directors Robert Czajkowski and Dirk Lange. Santoni has said it plans to maintain Terrot’s headquarters in Germany, along with its facilities, brands, and practices.
Chief executive of Santoni Shanghai, Gianpietro Belotti, said he was excited by the new announcement about the acquisition, while Terrot managing director Robert Czajkowski said combining the two companies would “strengthen every link along the supply chain”.
