Singapore – The eagerly awaited acquisition of FGV Group by Hettich Group, announced in early September, has now reached its successful conclusion, marking the formal completion of the takeover (closing). In addition to the necessary approvals from the antitrust authorities, all other closing conditions for the takeover have been met. FGV and Hettich are now shaping their future together in the furniture fittings industry.

Both companies are characterised by their long-term vision, expertise in furniture fittings, presence in the same industry, and close relationships with their customers.

"Hettich and FGV will complement each other with their strengths to continuously develop existing business activities and offer their customers even better value-added solutions,” said Dr. Andreas Hettich, shareholder and Chairman of the Advisory Board of the Hettich Group, which is now a 100 percent shareholder in the FGV Group.

Continuously developing together and being there reliably for the customers of Hettich and FGV is also of particular importance to Uwe Kreidel. FGV’s accomplished management team will be joined in future by Uwe Kreidel as CEO. In addition to his more than 30 years of industry, Hettich and management experience, he contributes his knowledge of the Italian market, acquired among other things in his function as Regional Director for Hettich Italia.

Uwe Kreidel, now CEO of the FGV Group, is very much looking forward to his new role and working with the FGV management team: "The Formenti Giovenzana Group is a company with many talented employees. I am excited to shape the growth of FGV and Hettich together with all my colleagues. We will bring together our diverse skills and experience and develop successfully together, as independent brands."

Matthias Bertl, Managing Director at Hettich Southeast Asia notes “The coming together of Hettich and FGV will boost the joint efforts of both entities in threading a new path in Asia as well as the wider world. Now, we have a global workforce of almost 10,000 people to serve our customers across various continents. We strive to do more in the realms of innovation that will take our brands further to reach more countries and people.”

Within the overall Hettich Group, Hettich and FGV will remain independent brands and companies. Customers of both companies will retain their familiar contacts.