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Turkey's Hateks acquires French textile firm Cotonella
02
Dec '11
Hateks, one of the leading textile manufacturers in Turkey, has bought 90 percent stake in French home textile company Cotonella. The Paris-based company is also into designing, production, marketing and wholesale of towels and bathrobes.

“We are planning to raise our market share in Europe and the investment would play a significant part in achieving our growth targets,” Abud Abdo, CEO of Hateks, told fibre2fashion.

He informed, “Hateks earned total revenue of TRY 100 million in 2009, with an overall annual production capacity of 6,000 tons of spun yarns, 2,500 tons of towels and 450,000 bathrobes. By year-end, we are planning to invest in enhancing the capacity of our production facilities, too.”

In view of the current and future global scenario, he opined, “Turkish textile industry has not been impacted by the present financial crisis to the extent that the sector in other countries of Europe have been affected. The biggest advantage that the Turkish companies have is that they are engaged in production of high-quality goods.”

“The current market situation will continue in year 2012 with Europe and the US continuing to experience difficult times with their economies. All factors suggest that we need to be careful,” he added.

Hateks currently manufactures textile items in Turkey's southern province of Hatay and the Syrian province of Aleppo. It manufactures products for around 20 global brands like IKEA, Armani, Tchibo, Benetton, Diesel and Marks & Spencer.

Fibre2fashion News Desk - India

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