Indo Count Industries Ltd., the
largest global bed linen player, today announced a strategic move to acquire US
based comfort product manufacturer Fluvitex USA, Inc. This is expected to
enhance Indo Count’s position in utility bedding segment especially pillows and
comforters.
The acquisition is done through Indo
Count Global Inc. - a 100% U.S. based subsidiary of Indo Count Industries.
Fluvitex USA Inc. is a part of Masias Invest S.L., a renowned Spanish textile
machinery manufacturer. 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
US$ 50 million plus.
Indo Count Global has signed a
definitive agreement for acquiring 81% stake of Fluvitex USA, Inc., from Masias
Invest with an exclusive option to purchase the remaining 19% stake within the
next 5 years. i.e. by September 30, 2029. Indo Count has funded the purchase
through internal accruals and debt. However, it did not disclose the
transaction value.
Commenting on the development Mohit Jain,
Executive Vice Chairman, Indo Count said, "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 it to offer a diverse range of
bedlinen products, including pillows, quilts, decorative pillows and other
fashion-filled 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. - Mohit Jain, Executive Vice Chairman, Indo Count Industries
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