TRUCCO TESSILE: underwear and beachwear firm acquired
ACCORDING to a statement made by Italian knitted apparel concern Boglietti, the company concluded an agreement by which it ceded its underwear and swimwear business to sleepwear and underwear manufacturer Trucco Tessile. The cost of the transaction was not revealed but it is known that Boglietti generated sales of around EUR 5m in 2013, while Trucco Tessile recorded revenues of EUR 13m with its Alpina and Ghiro bodywear labels. The same statement said that the objective of the operation was to consolidate the activities of the two companies in order to face the currently difficult economic conditions.
Although that may not be the case in this instance, it is rare that the merger of two troubled companies leads to an improvement in overall performance.