Verona, Vetrerie Riunite changes hands: objective of new market shares

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The washing machine market is growing globally by 3% per year. There are not only those who change the now obsolete home appliance: it is above all countries like India that make the difference, where new segments of consumers achieve a higher standard of living and can spend on a household appliance, driving production at the world.

Consequently, the demand for portholes for washing machines increases: practically 50% of world production is concentrated in Colognola ai Colli, in the province of Verona: over 90% of the turnover of the Italian factories is destined for export, where the majority of part of the producers.

Vetrerie Riunite, specialized in the production of glass portholes for washing machines and dryers, is part of a group founded in 1968 by a single entrepreneur; Also part of it were Borromini, specialized in the design and development of molds for plastic applications and, in particular, in the field of lighting in the automotive sector (headlights), and Novaref, specialized in the business of refractory rollers for the ceramic and the production of special rollers for construction.

A few weeks ago the American fund Sun Capital Partners, which had acquired it in 2019 after a turbulent period from a financial point of view, announced the sale of VR Group to two Portuguese investment companies Teak Capital and Tangor Capital, which act as investors long-term industrialists who already have interests in the blown glass sector (an individual path is envisaged for Novaref, given the substantial difference in the production sector). Both new investors hold stakes in BA Glass, one of the leading glass packaging companies in Europe, and Cerealis, a benchmark in the Portuguese food sector.

And now the ambitious objective is to further increase the market share: «We are returning from a period that has put energy-intensive companies like ours to the test: we have kept pace and managed, unlike other competitors, to respond without any delay or disruption to the increase in orders recorded when, during the pandemic, purchases were concentrated on household goods such as household appliances. This has made us reliable and solid in the eyes of the main washing machine manufacturers, from Electrolux to Midea”, explains CEO Davide Vassena. Suffice it to say that in 2021 the production record for washing machines in the world was reached: 80 million pieces.

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