Vandewiele has reached an agreement for the acquisition of 100% of Savio Group, that has several textile machine companies under its umbrella.
Charles Beauduin, CEO of Vandewiele, stated: “We are extremely proud to welcome the Savio Group with its strong tradition and technology in our Group. The joining of our technological capabilities, R&D and industrial operations will allow us to grow strongly in the next few years”.
Adding the SAVIO organisation to our group will provide benefits to many of our customers.
“Receiving such strong interest from important players in this challenging period is a recognition of Savio’s strategic value – says Alexander Zschokke, Chairman of the Savio Group.
Savio is the world leader in the yarn finishing sector, operating in the design, manufacturing and distribution of winding machines, quality control devices and electronic boards for the textile industry. It has factories in Italy, China, India, Belgium,Germany and Switzerland.