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Picanol, Radici Group Agree To Acquire Fimtextile

The Belgian weaving machine manufacturer Picanol and the Radici Group, the Italian conglomerate which includes the manufacturers Somet and Vamatex, have come to an outline agreement to acquire Fimtextile, the Italian producer of cam motions and dobbies. Negotiations are also underway with a financial group which is interested in joining this new venture.

The current acquisition initiative is being taken in order to preserve the variety of products offered by Fimtextile, whose survival has been threatened by the worldwide recession in the textile machinery industry. Currently, the Radici Group is its largest customer, and Picanol has entrusted certain projects to Fimtextile for some time. It is anticipated that other manufacturers will also be interested in this new company.

Details of the agreement will be worked out in the next few weeks.

July 2000