Raimondi changes ownership and expands
9 January 2014Italian manufacturer Raimondi has been bought by Prince Khaled bin Alwaleed Al Saud, a member of the Saudi royal family. As a result the company has announced an ambitious growth plan and an investment of $100m of the next years.
This will include the expansion of manufacturing facilities in Brazil, Saudi Arabia and India. The investments will allow Raimondi to increase production, widen the product range and improve local presence and service.
Al Saud, who is chairman and owner of the KSA investment company KBW Holding, will take up the same role at Raimondi.
Describing what he hopes to achieve with the 150-year-old company, Al Saud said: "Raimondi now seeks to further strengthen its technological capabilities to achieve even higher quality and performance with new and reliable technology in all of its products range. This translates into greater competitiveness and global reach"
Recently, Al Saud toured Raimondi's factories in Legnano where he met staff and saw the production process.
