Israel-based Shalag Industries Ltd, a world leader in carded thermobonded and air through bonded (ATB) nonwoven technologies, has signed an agreement to acquire 100 per cent of the shares of Texsus Spa, a leading manufacturer of ATB and laminated products located in Pistoia, Italy. The acquisition is likely to be completed in next few weeks.
Post-acquisition, Shalag Group's production capacity will be close to 60,000 tons per annum, with production sites in Israel, the US and Europe.
"We appreciate Texsus reputation in the market and believe that the high synergy between the companies will allow Shalag Group to provide its customers over the world with the best global services, increase company innovation and technology capabilities," said Shalag CEO Ilan Pickman.
Texsus will be operated as a subsidiary of Shalag Industries Ltd and will continue to be managed by Federico Micheloti and on the marketing side by Barbara Bulleri. (RKS)
Fibre2Fashion News Desk – India