Lodovici & C Agrees to Take Over Troubled Tessitura Sasatex
December 18, 2001
New York – On 27, November, Lodovici & C, a sheer mill in Tregasio di Truggio, Italy took over ownership of Tessitura Sasatex, a 60-year-old sheer mill in Biassano near Milan.
Lodovici takes over the operations of the troubled mill after a brief stint as managing partner of the company. Vittorio Lodovici, who founded the mill and still runs it, (although his sons Fabio and Marco are the owners) was said to be the principal player in the deal.
Fabio Lodovici said Lodovici will run Sasatex as a separate business with each company promoting and selling its own lines.
Sources say that Sasatex's top management, including veterans Klaus Jung and Silvio Lissano will remain intact in order to run the re-opened Sasatex.
"Sasatex long reputed quality and creativity is therefore preserved and will be renewed and re-vitalized by the massive investments which the Lodovici family will make available to re-launch this famous company," Lodovici said.
Lodovici is more heavily involved in basic sheers while Sasatex is an important producer of novelty curtain fabrics including sheers.
Eurofab, the exclusive distributor of Sasatex in the NAFTA region, was unsure exactly how the agreement would impact its relationship with Sasatex.
"We have been guaranteed continuity of these products for the next three years," said John Sofka, principal of Softex, the sales agents for Eurofab based in Fullerton, CA. Softex has six sales agent on the road who carry the Sasatex line. "We feel that having Lodovici in the picture and making recommendations will improve the quality standards at Sasatex," Sofka said.
Eurofab owner Leo Viterbo said that currently, Eurofab is circulating 150,000 sample books of Sasatex's products.
Meanwhile, the American converter Swavelle Fabrics, is also waiting to see whether its role as Lodovici's exclusive distributor in the U.S.A. will be effected the by agreement. Both Sasatex and Lodovici exhibit at Heimtextil and Proposte. Their product lines overlap to some degree, but it's not yet known what Lodovici will do about this.
In any case, with Sasatex in hand, Lodovici & C is looking forward to greater market share. "With the already existing Lodovici production plants in South Africa and the Sasatex sister companies in Germany and Hungary, the new group will cover most of the worldwide markets," Lodovici said. "The new group, with a foreseen initial turnover of over $50 million will focus its sales efforts on the European and American markets mainly, but with an important will to boost sales in the Middle and Far East countries."
On paper, the acquisition equips Lodovici & C with: 850,000 square feet of building space; more than 500 looms in 118-inch width; a fully vertical structure made of two twisting plants which will make the group totally self-sufficient for any yarn needs; two weaving plants; two finishing plants; two embroidery factories; a printing plant and a readymade department.
As reported in Decosit Show Daily in September, the Italian government took over Sasatex's operations after Antonio Schiatti, the president and owner allegedly committed improprieties with the company's employee pension fund. Of the four firms who put in bids to be interim managing partners of Sasatex, the court appointed Lodovici. Schiatti left the business last July after declaring bankruptcy and hasn't resurfaced.
Lodovici takes over the operations of the troubled mill after a brief stint as managing partner of the company. Vittorio Lodovici, who founded the mill and still runs it, (although his sons Fabio and Marco are the owners) was said to be the principal player in the deal.
Fabio Lodovici said Lodovici will run Sasatex as a separate business with each company promoting and selling its own lines.
Sources say that Sasatex's top management, including veterans Klaus Jung and Silvio Lissano will remain intact in order to run the re-opened Sasatex.
"Sasatex long reputed quality and creativity is therefore preserved and will be renewed and re-vitalized by the massive investments which the Lodovici family will make available to re-launch this famous company," Lodovici said.
Lodovici is more heavily involved in basic sheers while Sasatex is an important producer of novelty curtain fabrics including sheers.
Eurofab, the exclusive distributor of Sasatex in the NAFTA region, was unsure exactly how the agreement would impact its relationship with Sasatex.
"We have been guaranteed continuity of these products for the next three years," said John Sofka, principal of Softex, the sales agents for Eurofab based in Fullerton, CA. Softex has six sales agent on the road who carry the Sasatex line. "We feel that having Lodovici in the picture and making recommendations will improve the quality standards at Sasatex," Sofka said.
Eurofab owner Leo Viterbo said that currently, Eurofab is circulating 150,000 sample books of Sasatex's products.
Meanwhile, the American converter Swavelle Fabrics, is also waiting to see whether its role as Lodovici's exclusive distributor in the U.S.A. will be effected the by agreement. Both Sasatex and Lodovici exhibit at Heimtextil and Proposte. Their product lines overlap to some degree, but it's not yet known what Lodovici will do about this.
In any case, with Sasatex in hand, Lodovici & C is looking forward to greater market share. "With the already existing Lodovici production plants in South Africa and the Sasatex sister companies in Germany and Hungary, the new group will cover most of the worldwide markets," Lodovici said. "The new group, with a foreseen initial turnover of over $50 million will focus its sales efforts on the European and American markets mainly, but with an important will to boost sales in the Middle and Far East countries."
On paper, the acquisition equips Lodovici & C with: 850,000 square feet of building space; more than 500 looms in 118-inch width; a fully vertical structure made of two twisting plants which will make the group totally self-sufficient for any yarn needs; two weaving plants; two finishing plants; two embroidery factories; a printing plant and a readymade department.
As reported in Decosit Show Daily in September, the Italian government took over Sasatex's operations after Antonio Schiatti, the president and owner allegedly committed improprieties with the company's employee pension fund. Of the four firms who put in bids to be interim managing partners of Sasatex, the court appointed Lodovici. Schiatti left the business last July after declaring bankruptcy and hasn't resurfaced.
