Zucchi Buys More Mascioni
By Staff -- Home Textiles Today, 7/14/2008 12:00:00 AM
Cuvio, Italy —
Zucchi Group has signed an agreement to buy 50% of the shareholdings of fabric printer and bedding producer Mascioni that are held by the Mascioni family.
This acquisition is in addition to the 55% stake in the company that it acquired in 1988.
In the late 1960s, the Italian bedding company Bassetti acquired the majority owner through its Finbassetti unit. The Bassetti Group later became part of the Marzotto group, and in 1988 the ownership moved to Zucchi Group.
Zucchi also has agreed to buy the total equity stake in Mascioni owned by Claudine Borel Legler, widow of Freddie Legler, owner of one the largest denim and corduroy mills in Italy.
Further, the Mascioni family has signed an option agreement for the future sale of its remaining stake.
Alberto Mascioni remains chairman and co-ceo, his brother Carlo, co-ceo. An executive to be appointed within the next few weeks by Zucchi will complete the executive team, Alberto Mascioni said.
Mascioni celebrated its 50th anniversary in July of last year. Long known as a quality fashion printing and finishing supplier for the decorative fabrics and luxury bedding markets, it expanded its business reach to include the design and production of fashion bedding for retailers and hospitality bed and bath.
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