Oerlikon, global innovation powerhouse for surface engineering, polymer processing and additive manufacturing, announced that it has signed a definitive agreement to acquire Riri.
The transaction is expected to close in the first quarter 2023, subject to regulatory approvals and standard closing conditions.
For Riri it is another opportunity for growth in several respects, including access to the PVD (Physical Vapor Deposition) solutions designed by Oerlikon, based on a thin film coating which is better performing from an environmental standpoint compared to traditional processes such as chrome plating.
This added value will allow Riri to further accelerate its transition to increasingly functional and low-impact technologies. Moreover, Riri will benefit from financial support from a large company with a strategy aimed at becoming one of the leaders in terms of the offer of products, technologies and services on the luxury metallurgy market. Riri will become part of the ‘Surface Solutions’ division, highly specialised in the surface processing sector always mindful of the most environment-friendly technologies. Also, the Riri Group will be able to join forces with Coeurdor, a French manufacturer of metal components acquired by Oerlikon in 2021, guaranteeing an even wider product range in the luxury accessory industry, complemented by additional know-how in the finishing sector.
“Riri is highly complementary to our existing luxury business and will reinforce our fashion jewelry and metallic components for leather goods. It is the ideal next step after our acquisition of Coeurdor in 2021 and will make us a market leader and an integrated provider with a complete offering of coated luxury metalware for high-end fashion brands,” said Michael Suess, Executive Chairman, Oerlikon. “The acquisition will drive cross-selling and strengthen our footprint in the global luxury metalware market, which sees mid- to-high single-digit growth rates annually.”
“Our portfolio, particularly in zippers and buttons, is an excellent fit to Oerlikon’s strengths in coated metal-based fashion components. Together, we are ideally positioned in Italy and France – the two major European fashion hubs – and can provide a complete offering to fashion customers,” said Renato Usoni, CEO, Riri. “We are excited to join Oerlikon as it will allow us to accelerate the luxury goods industry’s sustainability transition to greener technology by applying technologies such as Oerlikon’s PVD.”