Springs & Brazilian Co Coteminas form home textiles JV
14 Oct '05
3 min read
Textile home furnishings firm Springs Industries Inc and and Brazilian-based Coteminas, South America's leading textile producer and a key supplier to Springs since 2001, announced they will combine their home textile businesses in a joint venture.
The new company, Springs Global, will combine Coteminas' large-scale and lowest-cost textile operations with Springs' customer relationships, brands, diverse product line, and marketing and distribution expertise.
Crandall Bowles and Josué Christiano Gomes da Silva jointly stated that Springs Global will be the largest vertically integrated textile home furnishings company in the world, uniquely positioned to lead the rapid transition of their industry to global operations and global competition. This enables us to grow their worldwide revenues and capacities and bring added value to their key customers.
Bowles, Chairman and Chief Executive Officer of Springs, and Gomes da Silva, Chairman and Chief Executive Officer of Coteminas, will be co-CEOs of Springs Global.
Bowles informed that Springs has worked with suppliers all over the world, and no company can match Coteminas' scale, low-cost manufacturing and access to raw materials. Their supplier relationship with us has been an important part of their market share growth since 2001, and led to this combination of two family-run companies that share common beliefs and concerns about customers, employees and communities.
Gomes da Silva informed that they are extremely enthusiastic about this association. They have been working together with Springs, whose management and technical ability they admire, and they see this as a significant opportunity to expand the international horizons of Coteminas, with a substantial benefit for Brazil.