Estonian textiles company - K.Täht Holding has acquired the machinery assets of knit fabrics factory Qualitex AS, which operates in the Pärnumaa County from Tolaram Group.
Qualitex factory remains the property of Tolaram and Qualitex will operate the plant as a lease-holder, LETA/Public Broadcasting reported.
K.Täht Holding Chairperson, Kristi Täht said, "This acquisition creates a bigger synergy on the basis of our existing production capacity and sales network.”
She added, “Our strategy is on increasing export volumes, especially in Scandinavia, and not only in fabrics segment, but also in the finished products segment".
“The co-investor in the transaction is Aare Võsu and it was financed by Swedbank with the support of Rural Development Foundation”, the Baltic Course reported.
Qualitex reported a turnover of Euro 3.9 million and operating profit of Euro 250,000 in 2013. Both the parties did not disclose the terms of the transcation.
"In accordance our strategy, Tolaram will focus in Estonia on the paper, pulp and real estate businesses, which led to the decision to exit the textile business”, Sonny Aswani from Tolaram Group said.
Kristi Täht is an Estonian entrepreneur and owns textile company - Katarina OÜ, which has since 2008 been engaged in design and production of children's clothing and home textiles.
In June 2014, the company acquired the apparel business of Marat, including its brands and retail store network. (AR)
Fibre2fashion News Desk - India