Spentex buysout Czech firm for $25 mn

New Delhi, July 2: Textile firm Spentex Industries Ltd today said it has acquired Czech yarn maker Schoeller Litvinov for 25 million dollars.

The transaction will enhance the topline of the company by about 55 million Euros and add another six million Euros per year in cash flows.

It is in line with Spentex's inorganic growth strategy of acquiring good, operational assets of strategic value, the company said in a statement.

The deal will enhance the company's presence in the European market with a large customer base in over 30 countries and further add an annual volume of about 19,000 tonnes.

Schoeller is a leading yarn manufacturer in Europe with operations in Germany, the Benelux countries, France and the Czech Republic with customer base spread across the European Union.

Yes Bank was the sole financial advisor to the company on this transaction, the statement said.

UNI