Zordan group acquires Woodways International

(AGI) Venice, June 22 - The Zordan group in Vincenza, whichproduces furnishings for monobrand high-end shops, has acquiredU.S. Woodways International, which makes custom-made furniturein Michigan. The 2.55 million dollar deal involved a three-stepplan, said Zordan's Commercial Director Alfredo Zordan.Following the acquision of 33 percent of Woodways Internationalshares, which had already taken place, another 33 percent wouldbe transferred in 2015, and the group would take over the final33 percent by 2017. Zordan had a 16 million euro consolidateddebt in 2014, with earnings before interest, taxes,depreciation and amortisation (EBITDA) of 2.3 million

(AGI) Venice, June 22 - The Zordan group in Vincenza, whichproduces furnishings for monobrand high-end shops, has acquiredU.S. Woodways International, which makes custom-made furniturein Michigan. The 2.55 million dollar deal involved a three-stepplan, said Zordan's Commercial Director Alfredo Zordan.Following the acquision of 33 percent of Woodways Internationalshares, which had already taken place, another 33 percent wouldbe transferred in 2015, and the group would take over the final33 percent by 2017. Zordan had a 16 million euro consolidateddebt in 2014, with earnings before interest, taxes,depreciation and amortisation (EBITDA) of 2.3 million euros,producing a net result of 1.2 million euros and a net financialposition of minus 2.3 million euros. Woodways International hada turnover of 5 million dollars in 2014 and employs 40 people.Alfredo Zordan said the group had been encouraged by the clearappreciation for its products and operations on the Americanmarket. Woodway International would continue to operate underits own brand name in the U.S. and would be a major productionhub in situ, in order to best respond to client demand. Onlystandard components would be made in Michigan, however, whilehigh added value procedures would continue to be carried out inItaly. The group believed there was a need to handle volumes indestination markets, but also that it was crucial to preserveand promote Made in Italy, valorising the history andcraftsmanship that had always distinguished Italy in the world.(AGI). .

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