(Alliance News) - Piovan Spa announced Tuesday that it has acquired a 1 percent stake in Nu-Vu, an Indian company in which Piovan already held 50 percent.

The deal also includes an opportunity for the Piovan Group to further increase its stake in Nu-Vu and a commitment by the parties to jointly develop a new business plan for Nu-Vu, leveraging a new license agreement under which Nu-Vu will have the right to manufacture and sell some of Piovan Group's key technologies in the region.

"We are pleased with the agreement reached with Nu-Vu's shareholders. This acquisition strengthens Piovan's global technology leadership, consolidating the group's strategic growth process consistent with the directives shared to our investors," said Nicola Piovan, executive chairman of Piovan.

"We strongly believe in the potential of India, a market that will grow more than any other in the coming years. Nu-Vu has done a great job in recent years to make the company a renowned and credible leader in the local market. We believe that with the joint efforts of Piovan and Nu-Vu in adding technology and market penetration, we can grow further and consolidate leadership in the entire region," added Filippo Zuppichin, chief executive officer of Piovan.

Piovan's stock closed Tuesday up 0.4 percent at EUR10.00 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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