Global sustainable chemical company Indorama Ventures Public Company Limited (IVL) has acquired Tollegno 1900 SpA’s wool spinning businesses in Italy and Poland in a move that adds more sustainable products to its portfolio.
With the acquisition, the terms of which were not disclosed, IVL secured two of Tollegno ‘s assets, including a spinning and top-dyeing operation in Poland and a yarn dyeing operation in Italy.
An Italian manufacturer of fabrics and yarns, Tollegno 1900 has a total spinning capacity of around 3,500 tonnes of yarn per year with a specific focus on flat knitting and hand knitting yarns.
The acquisition is a strategic fit for IVL’s integrated business platform and will make a significant contribution to the sustainable growth of its Wool business, which is part of the company’s Fibres segment. It will also strengthen IVL’s footprint for worsted yarns in Europe and help extend IVL’s wool products globally with trading subsidiaries in America and Asia.
The operations, which will be renamed Filatura Tollegno 1900, will add more sustainable products to IVL’s portfolio, including a full traceability project of the fibres used for yarns and fabrics, as well as provide synergies with existing assets, IVL says.
Giovanni Germanetti, CEO of Tollegno, will continue in the same role with Filatura Tollegno 1900, facilitating continuity and exploring new growth as part of IVL. Lincoln Germanetti, president and co-CEO of Tollegno, will remain with Filatura Tollegno 1900 as COO.
“Indorama Ventures is a very suitable business match for Tollegno as we are also a large family business with the same core values. The deal allows us to continue with our trusted, key business leaders, which not only gives us comfort regarding the continuation of the business but offers our employees and customers new opportunities to thrive in the future,” Germanetti says.
Aradhana Lohia Sharma, vice president for the Wool business at Indorama Ventures, adds: “Our Fibres segment has well-established management know-how and expertise in a range of yarns and textile applications. Incremental acquisitions, such as Tollegno, add to the diversity of our Wool business as well as IVL’s integrated offering of sustainable products as a global company.”