Apparel to textile chemicals conglomerate Grupo Karim's has bought knitted fabric maker Woong Chun Honduras in a move that expands its product portfolio.

The acquisition was completed last week, according to a statement mailed to just-style, and the company now will operate under the new name of Pride Performance Fabrics.

"We believe that the acquisition of Woong Chun and the combination of strengths of all our group's operations such as spinning, chemical and apparel as well as our commitment to service and innovation will position Grupo Karim's to further enhance our product offerings on synthetic and performance fabrics and build further on our leadership position in this market," says Buda Escoto, Grupo Karim's VP.

The acquisition will take the group's annual turnover to $325m.

Woong Chun Honduras is a warp and circular knit textile mill with a monthly capacity of over 5m pounds of cotton and synthetic fabrics.

Grupo Karim's is a vertical manufacturer of private label products with yarn spinning, chemicals and apparel manufacturing facilities in the western hemisphere. The company is headquartered in Honduras, with operations in Mexico, Central America and the Caribbean.

Honduras is one the major exporters of textiles to the US, shipping 1.16bn SME (square metre equivalents) in 2012. Within this, fabric exports surged 83% to 5.95m SME, up from 3.25m SME the year before.