MUMBAI — September 16, 2024 — 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 diƯerent types and 1.5 million Quilts. Fluvitex’s strategic location allows eƯicient 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 oƯer a diverse range of bedlinen products, including pillows, quilts, decorative pillows and other.
Posted: September 16, 2024
Source: Indo Count Industries Limited
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Publish date : 2024-09-16 11:31:00
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