Indo Count Industries has acquired Fluvitex USA, a pillow and quilt manufacturer, strengthening its utility bedding segment and expanding its reach in the North American market.
New Delhi, Sep 16 (PTI) Indo Count Industries Ltd, a global bed linen player, on Monday said its US-based subsidiary has acquired Fluvitex USA, Inc, a part of Masias Invest SL -- a Spanish textile machinery firm.
The company did not disclose the transaction value.
Terming the acquisition as a "strategic move", Indo Count Industries in a statement said it will strengthen and grow its utility bedding segment.
Indo Count Global, Inc (ICG), a 100 per cent US-based subsidiary of Indo Count, has signed a definitive agreement for acquiring an 81 per cent stake of Fluvitex USA, Inc from its promoter shareholder Masias Invest, SL.
This is with an option to purchase the remaining 19 per cent stake within the next 5 years by September 30, 2029, it added.
"The acquisition is funded by internal accruals and debt," the statement said.
Fluvitex is a pillow and quilt manufacturing company based in Columbus, Ohio, with an annual production capacity of 5 million pillows of different types and 1.5 million quilts.
"Fluvitex's strategic location allows efficient distribution across the USA and Canada with a revenue potential of USD 50 million plus.
Indo Count's Executive Vice Chairman Mohit Jain said the acquisition has enabled the company to offer a diverse range of bed linen products, including pillows, quilts, decorative pillows and other fashion-?lled products to the large North American market.
"Acquiring Fluvitex is a critical move as it allows Indo Count to establish a fully integrated utility bedding business in the USA. Fluvitex's state-of-the-art manufacturing facility and its strategic location will significantly enhance our ability to serve North American customers with a broader product range," he said.
In April this year, Indo Count Industries had announced that its US-based subsidiary has acquired the global home textile brand Wamsutta from Beyond Inc in an all-cash deal of USD 10.25 million.
Indo Count Industries Ltd (ICIL) is a global manufacturer of home textile bed linen.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
© 2024 Rediff.com India Limited. All rights reserved. Disclaimer - Terms of Service - Privacy Policy - Feedback