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Weaving & Spinning

Borgosesia Makes Bid To Acquire 51 Percent Of SMIT

Borgosesia Makes Bid To Acquire 51 Percent Of SMITItaly-based Promatech S.p.A. has entered into a preliminary agreement under which Borgosesia S.p.A., also based in Italy, would acquire a 51-percent ownership stake in SMIT S.p.A., a Promatech business located in Italy. The remaining 49 percent of the company would be owned by SMIT Textile Management. When Promatech acquired Switzerland-based Sulzer Textil in 2002, SMIT formerly known as Sulzer Tessile was spun off as a separate company to satisfy EU antitrust authority regulations. September 2003