Fundo de Reestruturação (Restructuring Fund) has acquired three Portuguese home textile mills that were in financial difficulty to create a new mega firm - More Textile.
The three mills – Coelima, António Almeida & Filhos and José Machado Almeida – together employ about 2,000 people and have annual sales of about US$ 142 million.
The Restructuring Fund has 85% stake in More Textile, while the remaining 15% is owned by the shareholders of the three mills.
Although the production facilities of these three mills are operating separately, the management is being integrated under More Textile.
The management of More Textile would ensure the viability of the three mills that have been facing difficulties due to low demand in the international market, competition from Asian countries, and the high rise in production costs.
More Textile is, thus, set to replace Lameirinho as the leading home textile manufacturer in Portugal.
Fibre2fashion News Desk - India
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