Posted May 5, 2017

 

Following the preliminary agreement reached on April 13, Itema SpA, part of the Radici world structure, has signed today a final agreement for its acquisition of 61% of the shares in Lamiflex SpA.

 

Itema becomes the majority shareholder in a leading supplier of composite materials and products for industries ranging from textile machinery, medical, airspace and other industrial applications.

“The Itema-Lamiflex partnership goes well hand in hand with the Radici family’s determination to concentrate on business operations that ultimately lead to increased sustainability,” Angelo Radici, who joins the board of directors of Lamiflex, said on behalf of his siblings. “We aim to shape everything we do at Radici, with the ultimate goal of sustainability in mind, and this is also the foundation of our business strategy: We continuously look for ways to strengthen our global competitiveness while guaranteeing a solid future to local companies, in line with our motto ‘To be Glocal, global thinking and local action.

 

“The technological capabilities of Lamiflex in the composites sector, matched with Itema’s strong know-how matured over many decades as a leading supplier of advanced weaving machinery industry, are further enhanced by the vast knowledge of materials chemistry of RadiciGroup, thus acting as a trailblazer for endless future growth opportunities and synergies of scale,” Radici added.

The takeover is part of the wider strategy of Itema’s shareholders, namely the Radici family (Angelo, Maurizio, Paolo, Bruna e Maria Grazia) with 60% of shares and the Arizzi e Torri families with the remaining 40%, to maximize the return from investments in locally based, multinational companies and bringing the excellence of Made in Italy (and Made in Bergamo) throughout the world.

“With over 40 years’ experience in the sector, a €25 million turnover in 2016 and continuous growth that solidly placed us among the leaders in the composites materials business,” said Luigina Bernini, president of Lamiflex. “We are convinced that being part of the Itema-Radici of companies will greatly increase our opportunities to better compete globally by teaming up and building on our achievements so far, which, among others, count important certifications in the field of environmental protection, Leg. Decree 231 corporate governance and responsibility, as well as ISO 9100 specific to aeronautical industry.”

The latest changes agreed by the Bernini-Carrara family extends Lamiflex's core business to seize new and exciting opportunities, thus providing employees with a bigger and better pool of future possibilities to develop and grow in the long term.

The move is set to create and stimulate significant synergies along the respect supply chains in which Itema, Lamiflex and RadiciGroup companies operate and to grow not only in the textile machinery sector, but also to expand into new, highly innovative sectors, such as composites, and thus, together, be much more competitive than otherwise possible individually.

 

This acquisition will lead to optimizing processes and improving product performances, as well as providing advantages derived from a shorter, more sustainable supply chain, lessening the environmental impact of the joint operations, in line with the principles of a circular, greener economy.

 

Source: Radici Group

Itema to acquire majority stake in composites maker Lamiflex