Vetrerie Riunite, the world’s leading producer of technical glass for household appliances, is to acquire its main competitor in China in the field of portholes for washing machines, Suizhong Minghui Industrial Technology. Thanks to the acquisition, Vetrerie Riunite – a medium-sized company based in Colognola ai Colli (VR) – will strengthen its presence on the Asian market, the leading geographic destination in terms of growth for the sector and acquire new shares of the world market with an increase from the current 40% to over 50%.
The operation was also made possible thanks to the public contribution provided by the Venture Capital Fund (VCF), an instrument managed by SIMEST in agreement with the Ministry of Foreign Affairs and International Cooperation. The VCF complements SIMEST’s direct investment in the internationalisation projects of Italian companies, making them more advantageous.
In the case of Vetrerie Riunite, the Fund and SIMEST together invested 7 million in the capital of the Chinese subsidiary of the Veneto-based group, becoming 49% shareholders and providing the Veneto-based company with the necessary resources for the acquisition.