LATVIA: Lauma Fabrics acquires LE Textile
Latvia based fabric manufacturer Lauma Fabrics has acquired German textile group LE Textile.
Lauma said the deal, for an undisclosed sum, will allow both companies to "use more opportunities thus ensuring competitiveness in the future".
The group is also hoping to attract new clients in Western markets through the purchase, as well as obtain know-how and additional production capacities. In addition, the acquisition will strengthen Lauma's positions in the CIS countries.
"Lauma Fabrics and LE Textile will establish an integrate strategy in order to develop a modern and innovative production that is able to offer to their clients original products of high quality for competitive prices," the company said.
LE Textile is one of the leading producers of elastic textile materials in Europe, present under the Elastic brand name. Its clients include major European lingerie producers and it employs around 75 staff.
In 2013, Lauma recorded a turnover of EUR32.6m (US$44.4m). Its investments in production development for the period amounted to EUR3.4m.
- Li & Fung looks to new frontiers for growth
- SOURCING: Worldwide change in cost competitiveness
- Gap impressed with supply chain improvements
- More licensing and less M&A for Global Brands
- Better Work programme poised to expand
- Cambodia mass faintings rise to 896 in first-half
- Ralph Lauren unveils high-performance Polo shirt
- China minimum wage rises will be tough to handle
- Cambodia garment industry hit with fresh strikes
- Cambodia garment makers condemn strike protests
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, Key Executives, and Contact Details
- Global market review of denim and jeanswear – forecasts to 2020
- Prospects for the Textile and Clothing Industry in Turkey
- Global Database of the Top 1000 Apparel Knitting Mills - Company Names, Financial Performance, Key Executives, and Contact Details
- China - ISA Country Report