Home / Knowledge / News / Fashion / Prime & Richina merger to form world's largest leather maker

Prime & Richina merger to form world's largest leather maker

01
Apr '08
Prime Tanning Co Inc and Shanghai Richina Leather Co Ltd announced the planned merger of the two companies to form the world's largest premium leather maker, Prime Leather International (PLI).

Prime currently operates the largest vertically integrated wet blue and side-leather finishing tanneries in North America, and sells its finished leather to footwear, handbag, upholstery, and specialty markets worldwide, and the U.S. military.

SRL finishes leather at its large facility in Shanghai, which it sells to the shoe, garment, and automotive leather markets. Both companies supply the world's best brands.

The combined company will have capacity to finish over 150 million feet of leather annually. Robert Moore, current CEO of Prime, will become CEO of the new company, and the board of directors will be comprised of representatives of both companies.

The combination will be structured as a three-step process. First, the two companies will execute a management agreement that will combine on May 1, 2008 their global management, marketing, sales, and customer service teams into one entity so they can deliver significant synergies to their global customer base immediately.

Second, Prime and SRL will legally combine the balance of their operations through a merger or contribution agreement as soon as possible.

Third, the combined entity will seek a listing on an Asian stock exchange at the earliest possible time according to market conditions.


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 26th Nov 2020

Bangladesh wants duty-free entry of 42 products into Nepal

Bangladesh has sought duty-free entry of 42 products, including...

Pic: Shutterstock

Textiles | On 26th Nov 2020

Curbs on exports to China may cripple Oz wool industry

The Australian wool industry may witness a crippling effect of...

Pic: Shutterstock

Retail | On 26th Nov 2020

Target Corp revenue grows 21.3% to $22.6 bn in Q3 FY20

Target Corporation, a US-based retail company, has reported 21.3 per...

Interviews View All

Yash Maniyar, Rekha Maniyar

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli, Epson, For.Tex & F.lli Robustelli

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Nitin Soni, Dolphin Jingwei Machines

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Devendra Gupta,

Devendra Gupta

Reforce, a start-up based in Gurgaon, aims to revolutionise the fitness...

Hans Gerhard Wroblowski,

Hans Gerhard Wroblowski

Germany's Monforts is a leading manufacturer and exporter of textile...

Paolo Crespi,

Paolo Crespi

Japan's Epson, a leader in digital textile printing, Italy's For.Tex, a...

Luis Quijano, Liberty University

Luis Quijano
Liberty University

Focusing on bold patterns and colour palettes, Luis Quijano, a student at...

Justin Gutierrez, INDA

Justin Gutierrez
INDA

The Association of the Nonwoven Fabrics Industry (INDA) has created a new...

Asif Rahman, MIP

Asif Rahman
MIP

MIP is a manufacturer and distributor of high-performance textiles and...

Amiben Shroff, Shrujan

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Sonam & Paras Modi, SVA

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Akta Adani, India Boulevard

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


November 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search