MILAN, Sept. 15 (Class Editori) -- Vetrerie Riunite Group, the Veneto-based leading producer of technical glass for white goods, took over its main Chinese competitor in the production of door glasses for washing machines thanks to SIMEST's support, thus strengthening its presence in Asia, namelythe sector's first target market in terms of growth.
As stated in a note, with an overall 7-million-euro investment, SIMEST became the minority shareholder in the Chinese subsidiary owned by the Venetian company. The transaction, which also featured Fondo di Venture Capital (Venture Capital Fund), a public financial tool managed by SIMEST and the Ministry of Foreign Affairs and International Cooperation, allowed Vetrerie Riunite Group to take over 70% of Chinese Suizhong Minghui Industrial Technology.
The acquisition of the Asian competitor will lead the Group to obtain new shares in the global market, thus reaching 50% from current 40%.
Davide Vassena, CEO of Vetrerie Riunite Group, commented on the transaction saying that "the acquisition of Suizhong Minghui Industrial Technology consolidates Vetrerie Riunite's position as global leader in the production of door glasses for washing machines. The Group is active worldwide and particularly in markets with higher growth rates. This goal would not have been reached without SIMEST's and other investors' continuing support to our global expansion strategy and leadership strengthening".
"SIMEST aims to sustain international success of Made-in-Italy products which are synonymous with quality worldwide," Mauro Alfonso, CEO of the Group, pointed out. "We pursued this goal with Vetrerie Riunite, which was able to gain a global leading position thanks to its capability to constantly invest in areas with high growth rates. China is undoubtedly the largest and most dynamic market, and this transaction will allow the Venetian company to improve its position by supporting its clients all over the world".
(Source:Class Editori)
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