acquire BarcoVision, a division of Belgium-based Barco NV, for 72 million euros (US$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 55.5 million euros (US$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 667 million euros (US$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 700 million euros (US$966 million).
July 24, 2007
