BOLOGNA, Italy – Vuelta International has been taken over. The renowned Italian rim & wheelmaker is now owned by a private investment company called Ethica that recently acquired 60% of all shares from Moreno Fioravanti, founder of Vuelta International, for a total amount of € 2.5 million. Reason for the take over, are the financial troubles Vuelta International faced in 2005 and early this year.
Fioravanti: “We have had a difficult period but with the new investor are financially sound again. The difficulties were caused by too heavy investments in a new facility in Italy with, at the same time, dropping sales due to a slowdown in several European markets.”
With the new investor there’s also a new General Manager for Vuelta International; Stefano Giacomelli, and a new President, Pietro Valli. With them taking over several management tasks, Moreno Fioravanti will be able to focus on sales, marketing and design. “Thanks to this move, we are now able to finish the set-up of our new factory in Bulgaria. Next to the new facility we will also hold on to our production in Italy. What was very important in attracting Ethica as investor, were the success of our high end Carbon Pro range and the anti-dumping duties for China and Vietnam,” explained Fioravanti. (JO)
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