Saviola, the Italian group specializing in the production of wood panels, recently announced the acquisition of a majority stake in Rheinspan, the German company specializing in the production of panels for the furniture industry. After the strategic joint venture announced in December 2019 between the two companies and the subsequent closing signed in June 2020 (which split the shares 50 percent between the Nolte family and the Saviola group), an agreement was signed to increase the Italian group’s shares by an additional 24.9 percent to 74.9 percent of the shares.
Pending final antitrust approval, Saviola will be responsible for managing the company. Georg Nolte (Rheinspan) will remain as a minority shareholder. “We are pleased to have taken this step with the same conviction that led us to take on this challenge three years ago,” commented Alessandro Saviola, group chairman.