Italian technical glass manufacturer Vetrerie Riunite (VR) has acquired a Chinese competitor.
VR is a manufacturer of technical glass for household appliances.
Thanks to the help of SIMEST investment bank, it has acquired 70% of the capital of Suizhong Minghui Industrial Technology, which is a manufacturer of washing machine portholes.
The integration of the Asian competitor will allow Vetrerie Riunite to gain new shares on the world market, going from the current 40% to over 50%.
Davide Vassena, CEO of Vetrerie Riunite , said: "The acquisition of Minghui consolidates the position of Vetrerie Riunite as a world leader in the production of glass portholes for washing machines, with a strong presence in the world and, in particular , in the markets with the highest growth rates.”
"This goal would not have been achieved without the continued support of SIMEST and other investors in our global growth and leadership strengthening strategy. "