MILAN - Reda Group, the Biella, Italy-based woolen mill, has acquired 100 percent of textile specialist Comero SpA. Terms of the deal were not revealed.“We are very proud to have finalized the acquisition of Comero SpA, which will help us establish important productive and commercial synergies thanks to the mutual affinities in terms of products, commercial structure and distribution network,” said Ercole Botto Poala, chief executive officer of Reda Group.Comero is specialized in the production of wool textiles for both men’s and women’s apparel, integrating the entire supply chain. The firm was established in 1950 in Gattinara, on the outskirt of Vercelli in the Piedmont region, and operates a 280,000-square-foot plant employing 140 workers. In 2017, Comero posted revenues of 15 million euros.Following the acquisition, Comero will benefit from Reda Group’s technologies, as well as from its research and development department.The mill will continue to manage its operations independently, Botto Poala explained. “Reda is committed to support the [Comero] company in its development plan, which will be shared but developed independently under the parent company’s sight,” he said.“I am sure that being part of the Reda Group will help the company to further develop its business,” said Roberto Comero, the firm’s owner and ceo.Founded in 1865 by Carlo Reda, Reda Group was acquired in 1919 by Albino and Francesco Botto Poala and is now controlled by the fourth generation of the Botto Poala family. In 2015, the company celebrated its 150th anniversary.
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