Tollegno 1900 S.p.A. sold its yarn division to Indorama Ventures Public Company Limited (IVL), a listed company based in Thailand and one of the world’s leading petrochemical producers with a global manufacturing presence in Europe, Africa, the Americas and Asia Pacific.

Founded in 1900 and based in the town of the same name in the province of Biella, the yarn division – which will continue its activities under the name ‘Filatura Tollegno 1900’ – is a world leader in the production of combed yarns for knitwear with a strong vocation for sustainability and innovation.

The deal saw the establishment of a new company (“Filatura Tollegno 1900”), fully acquired by IVL, into which the spinning business of Tollegno 1900 was merged, including the dyeing plant located in Tollegno and the spinning, dyeing and wool treatment plants in Poland, together with the needlework brand “Lana Gatto” and sales offices in the Americas and Asia.

Giovanni Germanetti, CEO of Tollegno 1900, will continue in the same role at Filatura Tollegno 1900, with the aim of fostering its continuity and supporting its future growth. Lincoln Germanetti, President and CEO of Tollegno 1900, will remain at Filatura Tollegno 1900 as COO.

The transaction represents a significant step forward for the development of the Biella-based company, which, while maintaining the historicity of its brand and its strong ties with the territory, opens up to new projects in an international perspective. The transition takes place under the sign of continuity both for human resources and management, and for the production premises, which will be maintained in the territory.

Tollegno 1900 was assisted by Equita K Finance (Clairfield Italy), part of Equita Group, as financial advisor, by Pedersoli Studio Legale for the legal aspects and by Studio Cravero & Associati for the tax aspects. IVL was assisted by PwC and PwC TLS Avvocati e Commercialisti for accounting due diligence and legal and tax aspects.

Giovanni Germanetti said: ‘Indorama Ventures is an ideal business partner for Tollegno, as we share the same values. The agreement allows us to run the business in continuity and offer our employees and customers new opportunities for future growth’.

Aradhana Lohia Sharma, vice-president of the wool business at Indorama Ventures, said: “Our fibres segment has an established management know-how. The acquisition of Filatura 1900 will increase our product range. Fundamental to our acquisition strategy is the integration of talented people. We welcome our new employees, whose knowledge and passion can develop within a larger company and create value in an ethical manner.”

Tollegno 1900 is a world leader in the production of combed yarns for knitwear with a strong sustainable vocation, also attested by leading certifications for the sector (among others: RWS, NATIVA PRECIOUS FIBER, OEKO TEXT®, TEXTILE AND HEALTH, AWI WOOLMARK, TRACEABILITY&FASHION). Processing takes place entirely in the company’s own factories, thus guaranteeing accurate control of the entire production chain, from raw material to yarn. The yarn division, which currently employs around 400 people, has an annual production of around 3 million kilograms and makes ‘Harmony’ (100% Extrafine Merino Wool), also in its 4.0 variant, its iconic product.

Indorama Ventures Public Company Limited, listed in Thailand, is one of the world’s leading petrochemical producers, with a global production footprint in Europe, Africa, the Americas and Asia Pacific. The company’s portfolio includes combined PET, integrated oxides and derivatives, and fibres. Indorama Ventures’ products serve the major FMCG and automotive sectors, namely beverages, hygiene, personal care, tyres and safety segments. Indorama Ventures has approximately 24,000 employees worldwide and consolidated sales of US$ 14.7 billion in 2021. The company is listed on the Dow Jones Emerging Markets and World Sustainability Indices (DJSI).