Fastening solutions specialist Velcro Companies is to acquire Belgium-based specialty weaving manufacturers Alfatex and Gevaert in a move to strengthen its global capabilities and accelerate innovation.

Gevaert manufactures elastic and rigid webbings for braces, belts and waistbands for the apparel industry, while Alfatex makes hook and loop fasteners in the medical, automotive and industrial sectors.

The deal will expand Velcro Companies’ presence in Europe, broaden its product portfolio and open the way for investment in research and development to speed the pace of product innovations.

"We are rapidly building global capabilities to reach greater scale and efficiency, while at the same time strengthening our local presence to remain close to customers," said Fraser Cameron, president and CEO. "This approach will help us respond to customer needs, spot opportunities for new product innovations and improve our ability to deliver for customers quickly and efficiently."

Financial terms for the transactions were not disclosed.

Last year Velcro Companies expanded its presence in Brazil and Latin America through an acquisition and the opening of a new office in Sao Paulo.