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
