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The Magnet Group Partner Castelli

The magnet group's 40 largest suppliers (ASI / 68507) reached a cooperation agreement, Castelli (ASI / 44305) formed a new Usa Inc, effective January 1st. The new company will officially be called the Castelli, the magnet assembly. The terms of the agreement were not disclosed, but the two magnet and Castelli will each of the 50% companies.

Fran Ford, president of Castelli North America, will remain in his current position, reporting to the new company’s board. The board will be made up of executives from The Magnet Group and Europe-based Lediberg, which owns Castelli. All factory operations and Castelli employees in the U.S. will be unaffected by the partnership. Going forward, The Magnet Group will be responsible for the sales and marketing of the new company. The product lines themselves will remain separate, but the companies plan to take advantage of cross-promotional sales opportunities.

“Castelli is a spectacular brand, with the best quality products in the business,” Bill Korowitz, CEO of The Magnet Group, told Counselor today. “Plus, anytime you can partner with Fran Ford, it’s a great benefit to your company.”

Follow Counselor PromoGram for more details on this developing story.Source:asicentral.com

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