Indo Count Industries Limited, the largest global bed linen player, today announced a strategic move to strengthen and grow its Utility Bedding segment.
Indo Count Global, Inc., (ICG), a 100% U.S. based subsidiary of Indo Count has acquired Fluvitex USA, Inc., a part of Masias Invest, S.L., a renowned Spanish textile machinery firm since 1944. Fluvitex is a Pillow & Quilt manufacturing company based in Columbus, Ohio with an annual production capacity of 5 million Pillows of di?erent types and 1.5 million Quilts. Fluvitex's strategic location allows e?icient distribution across the USA and Canada with a revenue potential of USD 50 mn. plus.
ICG has signed a definitive agreement for acquiring 81% stake of Fluvitex USA, Inc., from its promoter shareholder - Masias Invest, S.L., with an exclusive option to purchase the remaining 19% stake within the next 5 years. i.e. by September 30, 2029. The acquisition is funded by internal accruals and debt.
Mr. Mohit Jain, Executive Vice Chairman, commented, "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. This, along with the recent Wamsutta brand acquisition, represents a key milestone in Indo Count's strategy to build a globally comprehensive Bedding portfolio."
The acquisition is a pivotal step in Indo Count's journey and is a stepping stone to establish a manufacturing footprint in the USA, thus enabling the Company to o?er a diverse range of bedlinen products, including pillows, quilts, decorative pillows and other fashion-filled products to the large North American market.
Shares of Indo Count Industries Limited was last trading in BSE at Rs. 401.10 as compared to the previous close of Rs. 410.95. The total number of shares traded during the day was 34020 in over 1417 trades.
The stock hit an intraday high of Rs. 415.15 and intraday low of 398.85. The net turnover during the day was Rs. 13742347.00. |
