Indorama Ventures Public Company Limited, a global sustainable chemical company, has completed the acquisition of the wool spinning businesses in Italy and Poland of Tollegno 1900, an Italian manufacturer of fabrics and yarns.
Tollegno 1900 has a total spinning capacity of around 3,500 tons of yarn per year, with a specific focus on flat knitting and hand knitting yarns. With this acquisition, Indorama secured two assets, including a spinning and top-dyeing operation in Poland and a yarn dyeing operation in Italy.
Indorama said the acquisition is a strategic fit for its integrated business platform and will make a significant contribution to the sustainable growth of its wool business, which is part of the company’s fibers segment. It will also strengthen Indorama’s footprint for worsted yarns in Europe and help extend its 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 Indorama’s portfolio, including a full traceability project of the fibers used for yarns and fabrics, and provide synergies with existing assets.
Giovanni Germanetti, CEO of Tollegno, will continue in the same role with Filatura Tollegno 1900, facilitating continuity and exploring new growth as part of Indorama. Lincoln Germanetti, president and co-CEO of Tollegno, will remain with Filatura Tollegno 1900 as chief operating officer.
“Indorama Ventures is a very suitable business match for Tollegno, as we are also a large family business with the same core values,” Giovanni Germanetti said. “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.”
Aradhana Lohia Sharma, vice president for the wool business at Indorama, said incremental acquisitions such as Tollegno add to the diversity of the wool business, as well as Indorama’s integrated offering of sustainable products.
“Fundamental to our acquisition strategy is integrating talented people,” Sharma said. “We welcome our new employees to [Indorama], where their knowledge and passion can develop as part of a larger company and drive value in an ethical way.”
Indorama Ventures, listed in Thailand, is one of the world’s leading petrochemicals producers, with a global manufacturing footprint across Europe, Africa, the Americas and Asia Pacific. Indorama Ventures had revenue of $14.6 billion in 2021.