SANKT POELTEN, Austria (Aug. 9) — Austrian rayon yarn maker Glanzstoff Group has bought Italian fabric converter Sicrem S.p.A. from Radici Group.
Sicrem, which until 2001 was part of Italy´s IVG Colbacchini Group, makes dipped cord and fabrics used in the tire and industrial rubber goods sectors. Italy´s Sicrem reported 2006 sales of $78 million and employs 129. The company processes nylon 6,6, polyester, aramid and rayon yarns.
Glanzstoff Chairman Dieter Kirchnopf said the acquisition of Sicrem S.p.A. by CAG-Holding GmbH — parent company of (Glanzstoff Group) — fits into the firm´s plan of strengthening and concentrating its businesses in the yarn and technical fabrics sector, primarily the tire segment.
He said Glanzstoff will strengthen Sicrem by continuing production in Pizzighettone and making targeted investments to improve the site´s technology and resources.
Glanzstoff converts yarn into cords and fabrics at its facility Luxembourg, but the acquisition adds to the company´s capacity and range of base materials. Glanzstoff supplies yarn, cord and dipped fabrics to tire makers and industrial rubber goods makers throughout Europe.