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Lyon, France-based IPH Group, a distributor of industrial supplies in Europe, has agreed to acquire 50 percent of Italian distributor Minetti Group.
The joint venture expands IPH Group's European presence, following acquisitions in the past decade of Zitec in Germany, Orexad in France and Biesheuvel Techniek in the Netherlands. The company's footprint now includes six European markets and its annual sales total more than €1 billion (US$1.1 billion).
“The allied strength of IPH and Minetti will provide new opportunities in the Italian market, in particular through acquisitions and a joint approach to key accounts at a European level," said Pietro and Marco Minetti. "It will also accelerate the development of Minetti in its two core product segments, power transmission/bearings and cutting tools.”
IPH CEO Pierre Pouletty said: “The Minetti Group is an ideal partner for our development in Italy. This alliance will allow us to better serve our international customers and to strengthen product expertise of our group."