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Marzotto Lab bids for control of Lithuania's Lietvilna
04
Jan '16
Italy's textile manufacturer Marzotto, which controls two companies in Lithuania's second biggest city Kaunas, is seeking full control of another company based in that city – Lithuania's wool yarn manufacturer Lietvilna, the Baltic News Service (BNS) has reported.

Marzotto Lab applied on December 21, 2015, to the Competition Council for clearance of its acquisition of 50 per cent of shares in Lietvilna and of full control of the company.

Lietvilna, which was established in 2004, has taken over yarn manufacturing following the reorganization of Liteksas, a Kaunas-based manufacturer of knitting yarn and blankets.

Lietvilna, which produces approximately 1,400 tonnes of yarn per year, describes itself as a leading European manufacturer of pure wool and half wool mangled yarn.

In 2000, Marzotto acquired 84 per cent of shares in Liteksas, then known as Liteksas ir Calw. It also owns Lietlinen, a Kaunas-based linen yarn producer.

The group manufactures wool and cotton yarn for cloth-making industry. (SH)

Fibre2Fashion News Desk - India

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