Heaptalk — German manufacturer of furniture fittings corporation Hettich Group announced to officially completed the takeover of Formenti e Giovenzana (FGV) group. According to Hettich’s official press release, the entire condition to fully acquire FGV group has been fulfilled, including obtaining the approval from antitrust authorities.
With the transaction complete, Hettich together with FGV aim to drive the business growth in furniture fittings industry. For information, Hettich and FGV have similar long-term vision and skills in the same industry. Both of the groups also have built strong relationship with their customer bases.
Although Hettich is now a 100% shareholder in the FGV Group, Hettich and FGV will remain independent brands and companies, and customers of both companies will retain their familiar contacts.
“Hettich and FGV will complement each other with their strengths in order to continuously develop existing business activities and offer their customers even better value-added solutions,” explained Dr. Andreas Hettich, shareholder and Chairman of the Advisory Board of the Hettich Group.
In coincide with the completion of this transaction, the groups also announced to appoint Uwe Kreidel as FGV Group’s new CEO. As the ex-director for Hettich Italia, Kreidel who has 30 years experiences in the industry is poised to work together with FGV’s experienced management team.
“The Formenti Giovenzana Group is a company with many great employees,” said Kreidel. “I am very much looking forward to shaping the growing of FGV and Hettich together with all my colleagues. We will bring together our diverse know-how and experience and develop successfully together as independent brands.”
