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Texsoco-Mimaki JV for textile & industrial printing machinery distribution

27
Jul '09
Texsoco Inc., one of India's leading digital printing solutions provider, announced a Joint Venture (JV) with Mimaki Engineering Co. for Asian operations of textile and industrial printing Machinery at a Press Conference in Gurgaon.

Mimaki Engineering Co. Ltd. is a world leading manufacturer of Digital Printers and has a presence in over 70 countries across the world. Mimaki Japan has over 5 subsidiaries worldwide but this is their FIRST Joint Venture in the world.

The equity structure is as follows:
• Mimaki Japan will hold a majority stake of 51%.
• Texsoco, the Indian promoters, will hold a minority stake of 49% in the new company.
• Mimaki Kanphor India Pvt. Ltd. will be the name of the new company. They will be the exclusive distributors of Mimaki industrial and textile printing machineries.
• Mimaki will have a 50% participation in Mimaki Kanphor.
• Mr. Mikio Noguchi will be the Chairman of Mimaki Kanphor Pvt. Ltd.
• Mr. Vinod Iyer will be the Managing Director of Mimaki Kanphor Pvt. Ltd.

Speaking on the occasion, Mr. Vinod Krishnamurthy, CEO, Texsoco Inc. said, “This is a proud moment for us as partnering with one of the best companies in the world will not only help us reach out to a wider client base but will also help further innovate on digital textile printing technology to cater to our ever increasing customer base.

Mimaki is a world leader and I am positive that this association will prove to be a win – win situation for both parties. ”

Mr. Mikio Noguchi, Vice President, Mimaki, further added, “Texsoco introduced Digital Textile Printing Technology in India and has set new benchmarks in the Apparel and Textile Industry. The company has worked with some of the best names in the global market. Mimaki plans to increase the Textile turn over in the years to come. To achieve this we decided to invest in Kanphor and make our Indian presence felt.”

Mimaki has a Turnover of 240 million USD consolidated of 70% signage, 15% industrial, 5% textile and others.

Mimaki Kanphor's first year focus will be to establish the major Demo centres in Delhi, and Bangalore. Subsequently, the focus will be on other cities for a national presence.

Texsoco Inc was formed in 1998, as a technology solutions provider for garment export companies. The Company was started to address the need of finding proper solutions for day-to-day problems pertaining to the use of CAD/CAM, which many companies struggled with. Texsoco not only introduced but also set new industry benchmarks for the Digital Textile Printing Technology in Asia.

Texsoco Inc


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