US: Crailar purchases European processing facility
Crailar Technologies, developer of the Crailar Flax fibre, has completed its purchase of a European based fibre processing company, which it says will accelerate its production timeline by six to nine months.
The deal, first announced in early-September, gives the company complete operational control of the processing of its Crailar Flax fibre.
The facility is fully operational, it says, and will have the capacity to produce in excess of 250,000 pounds of Crailar flax fibre per week, with room to expand to one million pounds per week.
The unnamed facility is said to be located in one of most prolific flax growing and producing regions in the world - and its acquisition mitigates risks and potential problems associated with commissioning a new plant.
The move also means Crailar will postpone the completion of its facility in South Carolina until it exceeds the capacity of its European facility.
"With the acquisition of our European facility, we now have operational control of the Crailar production process and we believe, a more immediate path to positive gross margin with minimal capital outlay," said CEO Ken Barker.
Sectors: Fibres & fabrics
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