Novation Tech SpA, a leading European manufacturer of composite components for the automotive, aerospace, sports & leisure sectors, has announced that it has acquired a controlling stake in Citre Color Srl, a company specializing in high-quality painting of carbon and plastic products.
Citre Color Srl, founded by Luisella Casonato and Mario Vettorel in 1995 in Oderzo (Treviso, Italy), has over the years become an important player in Italy and Europe in the painting of products and components in composite materials for the automotive, supplies, sports & leisure sectors. Currently Citre Color has a staff of over 80 highly specialized collaborators and in 2022 achieved a turnover of over 10 million euros.
After years of close collaboration with the Vettorel family of Citre Color, Novation Tech has reached an agreement to enter the capital. The transaction took place with Novation Tech acquiring 85% of the capital, while the two sons of Mario Vettorel, Matteo and Stefano, will remain as shareholders with 15%, in a sign of continuity. For Novation Tech, the investment in a controlling stake in the company is a strategic and important step for the vertical integration of its production, with the aim of further specialization and growth aimed at providing the highest quality service to its end customers.
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05 September 2023
