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Avgol acquires its North American distributor

03
Jan '11
Avgol Nonwoven Industries Ltd., by paying seven million dollars, has acquired majority of the assets of its distributor, Cleaver Associates Inc. Cleaver which is the e firm's sole distributor in North America and a general distributor for other provinces, accounted for 78 percent of the company's overall sales for 2009, inclusive of the sales made to the Procter and Gamble.

The firm intends to acquire all the assets of Cleaver including the goodwill, know-how, its trademark "Cleaver Associates" and also the physical assets developed by Cleaver. Post acquisition the sales and distribution activities carried on by Cleaver would be merged with activities of Avgol. Avgol intends to use its own resources to fund this acquisition.

Further, Avgol recently has also made an announcement to invest $80 million for capacity building. With the new investment the firm is likely to develop its production capacity to 140,000 tons, which is proposed to happen in 2011-12.

Fibre2fashion News Desk - India


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