MILAN — Italian textile and coating specialist Limonta SpA said Tuesday it has taken over the South Korean BATM Co. Ltd., a textile company founded in Seoul in 2003 that specializes in manufacturing sportswear fabrics.
Financial details of the deal were not disclosed.
The South Korean company will be renamed Limonta BATM LLC. in the wake of the acquisition and its current chief executive officer Jonathan Yang will remain.
The acquisition allows the Italian company founded in 1893 and based in Lecco, Italy, to strengthen its footprint in the Asian continent and add more specialty know-how.
“The goal of the operation is to round off our product offering, leveraging South Korean know-how, which boasts a longstanding tradition in textile innovation combined with high-end industrial production that over the past few years has increased its importance in the fashion and luxury worlds,” said Paolo Limonta, chief executive officer of the namesake company.
In the Asian continent Limonta operates Bridge Shanghai, a platform geared at integrating its supply chain and distributing product lines developed in Italy and manufactured in China for the local market and exports to the U.S. and Europe.
“With support from Limonta we will be able to provide our clients with further added value on product innovation, quality and services,” Yang said.
In 2021 Limonta sold a 25 percent stake in its business to the publicly listed Tamburi Investment Partners via a capital increase and the purchase of Limonta shares. The deal was valued at 89 million euros.
Limonta, which posted sales of 177 million euros in 2022 and counts 830 employees, is known for its jacquards and coated fabrics, having developed and mastered the resination, coagulation, coating and printing techniques. It boasts four production facilities in Italy, in addition to subsidiaries in Shanghai, Seoul and New York.