Spentex completes acquisition of Czech co
Yarn maker Spentex Industries on Friday said it has completed the 25 million euro acquisition of Czech Schoeller Litvinov to enhance presence in the European market.
By PTI |
MUMBAI: Yarn maker Spentex Industries on Friday said it has completed the 25 million euro acquisition of Czech Schoeller Litvinov to enhance presence in the European market.
The transaction would enhance the company's topline by about 55 million euro and add another six million euro per year in cash flows, Spentex said in a communique to the Bombay Stock Exchange (BSE).
The company had early this month announced Schoeller's acquisition with which it expects to expand presence in countries like Czech Republic, Germany, France, Belgium, Netherlands and Luxembourg.
The acquisition would also enable the company access a large customer base in over 30 countries and further add an annual volume of about 19,000 tons, it said
Yes Bank was the sole financial advisor to Spentex on this transaction, it added.
Spentex earlier acquired SK Birla group's Cimmco Spinners, Indo Rama Textiles and the Uzbekistan-based Tashkent-To'yetpa Tekstil.
Schoeller's customer base includes companies in sewing thread industry, carpet manufacturers, weaving mills and knitwear factories. It claims to be a market leader in Europe in segments like special sewing thread yarns, carpet warp yarns and core yarns for weaving mills.
Shares of Spentex were trading at Rs 34.90, down 6.31 per cent on the BSE in morning trade
The transaction would enhance the company's topline by about 55 million euro and add another six million euro per year in cash flows, Spentex said in a communique to the Bombay Stock Exchange (BSE).
The company had early this month announced Schoeller's acquisition with which it expects to expand presence in countries like Czech Republic, Germany, France, Belgium, Netherlands and Luxembourg.
The acquisition would also enable the company access a large customer base in over 30 countries and further add an annual volume of about 19,000 tons, it said
Yes Bank was the sole financial advisor to Spentex on this transaction, it added.
Spentex earlier acquired SK Birla group's Cimmco Spinners, Indo Rama Textiles and the Uzbekistan-based Tashkent-To'yetpa Tekstil.
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Schoeller's customer base includes companies in sewing thread industry, carpet manufacturers, weaving mills and knitwear factories. It claims to be a market leader in Europe in segments like special sewing thread yarns, carpet warp yarns and core yarns for weaving mills.
Shares of Spentex were trading at Rs 34.90, down 6.31 per cent on the BSE in morning trade
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