Oerlikon Textile sells US embroidery machine manufacturer
Oerlikon Textile forming a part of Oerlikon Group has sold its smallest textile segment, namely American Melco (around 50 employees, turnover 2011 around CHF 15 million, and it was a profitable operation) single head-embroidery machine manufacturer and mostly non industrial customers such as one person entrepreneurs embroiding baseball hats at such sport events or for sports clubs, school classes and company staff
The buyer at a non disclosed price is Mizar Inc. via its newly formed Melco International LLC, a subsidiary of American Mizar Holding Company, Inc. According to Oerlikon in-house information it is a group of companies focused on the textile sector, based in Illinois (USA). As we all might know, Mizar is a famous star of the sky and the Zeta star of Ursa Major (the greater bear).
The divestment – according to Oerlikon Group CEO Michael Buscher, “represents another step in our efforts to refocus our portfolio toward areas with volume and growth potential. We are confident that the new owner offers Melco an environment in which it can flourish in the future”.