Germany, Italy - Michael Weinig AG and Essetre srl have formalized their strategic alliance with the acquisition by Weinig of 50 percent of Essetre's shares. Initial news of the strategic cooperation agreement was announced in May during the LIGNA Fair.

In a July 17 press conference, the two companies said they will continue to develop strategically together as equal partners. Essetre will have access to Weinig's sales and service network. Weinig in turn will use the alliance to strengthen its market position in the engineered wood sector.

"With this partnership and access to the product portfolio of Essetre, we are further strengthening our market position and can now offer our customers the entire process chain, from the sawmill to timber construction, completely from a single source," said Gregor Baumbusch, CEO of Weinig.

Essetre will continue to be managed by the Sella family. Giovanni Sella, founder of Essetre, said, "We would not have made such a collaboration with any other partner. Weinig and Essetre represent the top technologies in the market. We both have huge ambitions by combining our respective excellences. We trust it will be a strong and lasting growth."

Founded in 1979 and based in Thiene, Vicenza, Italy, Essetre specializes in the furniture and timber construction industry.. The company markets to more than 30 countries and has been designing and manufacturing 1,200-plus exclusive and branded CNC woodworking machines, including for 5-axis machining, wood construction, panels, and tops.

Founded in 1905 by Michael Weinig and based in Tauberbischofsheim, Germany, the company operates worldwide and specializes in the development and production of woodworking machinery and equipment for the solid wood processing industry and workshop businesses. Weinig achieved sales of 586 million euros in 2022 and has approximately 2,500 employees in the Weinig Group worldwide. Baumbusch has been CEO since 2018.