Acquisition of the Savio Group by the Belgian group Vandewiele
I would like to inform you that the holding company of the Savio Group reached an agreement for the sale of 100% of the Savio Group to Vandewiele, a Belgian global leading group active in engineering and manufacturing of textile machinery.
The completion of the transaction is expected in Spring 2021.
Savio was founded in 1911 and is headquartered in Pordenone (Italy).
The Savio Group is the world leading designer and manufacturer of winding machines and quality control devices for the textile industry, with operations in Italy, China, India, Belgium, Germany, Switzerland and the Czech Republic. In 2019 Savio reported consolidated revenues of €270M.
Founded in 1880 in Kortrijk, Belgium, Vandewiele is a world leader in mechatronic solutions (combination of mechanical and electronic engineering), aimed to serve various kinds of industries around the globe, not only textile. Its major plants are located in Belgium, China, Italy, France, Sweden and Germany, mainly focusing on weaving, knitting and the carpet industry. In 2019 Vandewiele reported consolidated revenues of €370M.
In the occasion of the acquisition the CEO of Vandewiele recently 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 operation will allow us to grow strongly in the next few years".
Alexander Zschokke will keep its position as Chairman of the Savio Group.
As soon as the situation permits, the management team of the Savio Group will meet Vandewiele invitation to visit its headquarters.
Chief Executive Officer