Creswick Woollen Mills, a Melbourne-based firm, intends to focus on its main business of woollen blankets eyeing consumer market, and has sold its fabrics division to Macquarie Textiles, a textile solutions providing company catering to Australian as well as global customers.
The deal for acquisition of the fabric division with specialization in industrial and other specialized textiles came about as a result of the long-term relationship between the two firms.
Long back, Macquarie was also in the same business as Creswick and operated its personal woollens plant, but it has diversified since then. However, there are a lot many similarities between Creswick's fabric division and Macquarie's policy.
Creswick's selling off its fabric division is not likely to cause any significant disruption as many present Creswick customers were previously Macquarie customers.
Creswick operates its woollens plant in regional Victoria's Creswick and has been identified as Australia's last of its kind surviving coloured spinning mill.
Following sale of its fabric division, Creswick would specialise in high-end, domestically-made blankets and throws for the consumer market.
Macquarie, with a history in design and production of textile solutions dating back to 1868, is recognized for sustained investment in innovative technology and commitment to world's best practices, and caters to international market with its global network of agents and distributors.
Fibre2fashion News Desk - India
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