The operation is part of the Galaxy project, the wider strategy of Itema launched in 2017 with the target to integrate, through strategic diversifications across the whole textile supply chain, key expertise and resources for the development of weaving machines components, Itema said in a media release.
"Following to the acquisition of majority stakes in Lamiflex completed in 2017 and the recent agreement reached with PTMT (ex Panter), the agreement signed with Schoch group represents a further significant step for the synergic development of key weaving machine accessories as well as a remarkable reinforcement of Schoch commercial network," the release added.
The operation formalities are expected to be completed by the end of September.
Itema is the only manufacturer in the world to provide the top three weft insertion technologies: rapier, air jet and projectile, with an ample product portfolio and a commitment to continuous innovation and technological advancement of its weaving machines. (RKS)
Fibre2Fashion News Desk – India
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