Neo Corp International Ltd, lead manufacturer and exporter of technical textiles in India, has announced acquisition of a UK based Company engaged in the distribution and warehousing of technical textile products.
The acquisition will give Neo Corp access to the outsized markets of France and Germany. The annual turnover of the acquired company is $12 mn.
The acquisition will bring under Neo Corps' fold a considerable size of the European market. The acquisition is expected to add 20% to the revenue. The company has cordoned off $ 20 mn only for the purpose of acquisitions on the similar lines.
“The acquisition will leverage us in the fast growing european markets and will catapult us in a different league altogether.
We are open to more acquisitions to tap the high- end Technical Textils market in Europe and US” said Mr. Sunil Trivedi, Managing Director, Neo Corp International Limited. NCIL is also trying to tap other markets like the Asia Pacific and South America.
Strong concentration on high end FIBC (Flexible Intermediate Bulk Containers)and value added technical textiles has led to the improvement in company's sales realization and margins.
NCIL's foray into other Technical Textiles would be the next growth driver for the company as it is an unexplored territory in India. NCIL has executed large number of orders this year and has a strong order book for its products.
Neo Corp International Ltd
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