Himatsingka acquires 80% stake in US-based Divatex

04 Jul '07

3 min read

"Having completed two international acquisitions of Giuseppe Bellora and Divatex with combined revenues of approximately Rs.800 crores and the commencement of production at the Rs.400 cr bed linen facility, the company is positioned to achieve consolidated annualized revenues of over Rs.1000 crores. We will continue to explore opportunities for inorganic growth in the branded home textile space.”

Mr.Avi Gross, CEO and President of Divatex, said “that the transaction will bring substantial benefits to our customers given the state of the art manufacturing facilities of Himatsingka as well as their strong product development capabilities and a wide range of high end product offerings. This, in addition to the strong distribution and marketing network of Divatex, will give the group a strong platform for future growth”.

Mr Dinesh Himatsingka, Managing Director of Himatsingka Seide said “Himatsingka will continue to create and strengthen its manufacturing capabilities in India while enhancing its global distribution strengths through acquisitions.”

Mr.Avi Gross will continue to be a shareholder, member of the Board, President and CEO of the company. The incumbent management of Divatex will continue to drive growth strategies and ensure successful integration of the combined business. Mr.Dinesh Himatsingka will be Chairman and Shrikant Himatsingka will be the Vice Chairman of the reconstituted board of Divatex.

Himatsingka Seide

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