Italian textile machinery manufacturer Itema has acquired the Steiger Group, a Switzerland-based developer and manufacturer of flatbed knitting machines.

Under the deal, the Itema Group acquired 100% of the share capital of the Swiss company retrospectively, effective as of April 30.

The Itema Group now owns nine companies and seven development centres and is represented in more than 90 countries. With a workforce of 2,700, the group achieved a turnover of €605 million in 2005.

Its companies include Savio (winding machines), Promatech and Sultex (weaving machines), First (accessories) and Eutron (electronic components).