LifeStone Materials to weave fabric for PBSI & FMS
19
Mar '08
Mar '08
Point Blank Solutions Inc a leader in the field of protective body armor announced that it has entered into a strategic alliance with FMS Enterprises Migun Ltd. (“FMS”), a leading manufacturer and supplier of technologically advanced lightweight ballistic armor materials.
Senator (Ret.) Bill Campbell, Chairman of PBSI, stated “We are very pleased to have FMS and its leadership as a partner in this very important project.
We believe they share our vision and through this joint venture, will play a role in helping us become, the global leader in safety apparel and protective solutions.”
Under the terms of the joint venture agreement, PBSI and FMS will create a new subsidiary, LifeStone Materials, LLC, which will weave fabric for PBSI and FMS.
Each Company will have a 50.0% equity ownership in the new joint venture and both will contribute $250,000 as a capital contribution and $2.5 million as a loan in order to fund the venture and provide sufficient working capital.
Additionally, PBSI entered into a 36 month supply agreement to purchase a portion of its woven fabric requirements from LifeStone Materials.
Larry Ellis, President and CEO stated, “We, with FMS, have worked hard to structure a joint venture that aligns our interests and makes great business sense for both companies.
From our perspective, this vertical integration is an important step in our strategic plan to enhance and grow our current platformto meet the global demands and well into the future.
Senator (Ret.) Bill Campbell, Chairman of PBSI, stated “We are very pleased to have FMS and its leadership as a partner in this very important project.
We believe they share our vision and through this joint venture, will play a role in helping us become, the global leader in safety apparel and protective solutions.”
Under the terms of the joint venture agreement, PBSI and FMS will create a new subsidiary, LifeStone Materials, LLC, which will weave fabric for PBSI and FMS.
Each Company will have a 50.0% equity ownership in the new joint venture and both will contribute $250,000 as a capital contribution and $2.5 million as a loan in order to fund the venture and provide sufficient working capital.
Additionally, PBSI entered into a 36 month supply agreement to purchase a portion of its woven fabric requirements from LifeStone Materials.
Larry Ellis, President and CEO stated, “We, with FMS, have worked hard to structure a joint venture that aligns our interests and makes great business sense for both companies.
From our perspective, this vertical integration is an important step in our strategic plan to enhance and grow our current platformto meet the global demands and well into the future.
Must ReadView All
Apparel/Garments | On 19th Dec 2018
ILO, Sweden to promote decent work in Asian garment sector
The Swedish International Development Cooperation Agency (SIDA)...
Information Technology | On 19th Dec 2018
'Sri Lanka's willingness to adapt will define its future'
The willingness of Sri Lanka apparel industry to adapt and advance...
Apparel/Garments | On 19th Dec 2018
Indonesia signs trade deal with 4 European countries
Indonesia recently completed talks for the Comprehensive...
Interviews View All
Kaizad Hansotia
GetNatty
Competition is the best thing that can happen to a startup
Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd
Increasing prices and lack of demand main issues facing industry
Top executives
Textile industry
Sri Lanka has a good sustainable track record and strong stories to back it
Italy-based Tessimenti E Orditi Tinti (T.O.T SRL) specialises in stocking...
Germany-based Gmöhling is a leading manufacturer of aluminium containers...
<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...
Johan Berlin
Investkonsult Sweden AB
Investkonsult Sweden AB are consultants in the nonwoven and absorbent...
Marcel Alberts
Eurofibers
Coating at a fibre level is a practice not usually seen in the...
Mr Ambrose Chan
DSG International (Thailand) PLC
Priya Somaiya
Usha Social Services
The Usha Silai label from Usha International is all set for a retail...
Karan Arora
Karan Arora
Bridal couture created with rich Indian heritage, exquisite craftsmanship...
Adriano Goldschmied
AG Jeans
The hype around 'designer jeans' was created by him. And the new wave of...
Leave your Comments
Recommended
Want to know what happened in the textile world this week? Watch now!
news category
Related Categories:
