Itema To Acquire BarcoVision
Italy-based Itema Group has agreed to acquire BarcoVision, a division of Belgium-based Barco NV,
for approximately $99.4 million. The transaction, subject to regulatory approval, is expected to
close before the end of this year.
BarcoVision, a manufacturer of sensors and manufacturing execution systems for the textile machinery market, will become part of Itema’s Electronics business unit, joining industrial electronic solutions provider Eutron S.p.A. in that unit. BarcoVision maintains operations in Belgium, Switzerland, Italy, Germany, England and the United States; and sells its products — including YarnMaster, WeavingMaster and Sedomat — under the Loepfe, Sedo and Treepoint brands. The company recorded 2006 sales totaling $76.6 million and employed 350 people at the end of 2006.
“BarcoVision’s entry in the Itema universe boosts our world leadership in the textile machinery industry, especially in terms of technology and innovation,” said Miro Radici, CEO, Itema. “We now have some very interesting opportunities for future growth, especially in terms of our possible IPO [initial public offering], something we expect to complete within the next two years.”
Itema, which comprises four business units in all — Weaving, Spinning, Knitting and Electronics — reported sales totaling $920.7 million in 2006 and employs some 2,500 people in more than 90 countries. The addition of BarcoVision will boost the group’s annual sales to more than $966 million.