Merino Co to buy Levana Textiles assets from Hellaby
24 Oct '07
1 min read
Hellaby Holdings Limited advises that it has entered into an unconditional agreement to sell the business and assets of Levana Textiles Limited to The Merino Company Limited, a subsidiary of the privately owned Melbourne company, The Merino Company Pty Ltd.
Levana Textiles is a 100% owned subsidiary of Hellaby Holdings Limited, and is based in Levin, manufacturing fabrics for garment makers in New Zealand, Australia and other overseas markets.
Although Levana has been owned by the Hellaby group for many years, it is not considered to be part of Hellaby's core activities; and the decision to sell the business is in line with Hellaby's recently announced strategy of retaining and building on investments in more clearly defined portfolio groupings.
Due to confidentiality undertakings with the Purchaser, commercial details of the transaction cannot be revealed at this time.
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