Wednesday, January 17, 2024
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Hettich Group successfully completes the acquisition of the FGV Group, marking the formal completion of the takeover. In addition to the necessary approvals from the antitrust authorities, all other closing conditions for the takeover have been met. FGV and Hettich are now shaping their future together in the furniture fittings industry.
Both companies are characterised by their long-term vision, expertise in furniture fittings, presence in the same industry, and close relationships with their customers. “We are two family businesses with a combined experience of more than 200 years,” says Jana Schönfeld, Managing Director of the Hettich Group. “And together we are now more than 9,000 colleagues all over the world who use all their energy, passion and ideas to bring about the best for our customers every day. These similarities have inspired us and convinced us to want to shape our future together.”
“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,” emphasises Dr. Andreas Hettich, shareholder and Chairman of the Advisory Board of the Hettich Group, which is now a 100% shareholder in the FGV Group. Within the overall Hettich Group, Hettich and FGV will remain independent brands and companies. Customers of both companies will retain their familiar contacts.
Continuously developing together and being there reliably for the customers of Hettich and FGV is also of particular importance to Uwe Kreidel. FGV’s accomplished management team will be joined in future by Uwe Kreidel as CEO. In addition to his more than 30 years of industry, Hettich and management experience, he contributes his knowledge of the Italian market, acquired among other things in his function as Regional Director for Hettich Italia.
Uwe Kreidel, now CEO of the FGV Group, is very much looking forward to his new role and working with the FGV management team: “The Formenti Giovenzana Group is a company with many great employees. 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.”
Special credits have been extended to Silvana Riboldi, Head of Sales at FGV, and Giulia Luigetti, CFO of the FGV Group, who also acted as interim CEO during the transition phase from the previous to the new shareholders. Both made a significant contribution to the success of the process.
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Tags: FGV Group, Hettich Group, wood and panel, woodworking, woodworking industry, woodworking UK
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