This  acquisition  is  a  strategic  fit  for  IVL’s  unique  integrated  business  platform  and  will  make  a significant contribution to the sustainable growth of the Wool business (Fibres segment). It will also strengthen IVL’s footprint of worsted yarns in Europe and help extend IVL’s wool products globally with trading subsidiaries in America and Asia, the company said in a press release.

In addition, it will add more sustainable products to IVL’s portfolio and provide synergies with IVL’s existing assets. With commitment to environmental sustainability, including a full traceability project of the fibres used for yarns and fabrics manufacturing, this transaction will also contribute to IVL’s sustainability efforts.

The total value of consideration for the transaction is approximately €39.5 million, provisional price subject to customary working capital and net debt adjustments as per the sale and purchase agreement. The financing of the transaction will be from the internal cash flow of the company.

Fibre2Fashion News Desk (RR)