SWEDEN: Portuguese TMG Invests $2.5m In TextileSolutions
Swedish company TextileSolutions, the system for global textiles trading, announced today that it has received an investment of $2.5m (Euro3m) from one of Europe's largest textile manufacturers, Textil Manuel Goncalves S.A. (TMG) of Portugal. "We are extremely pleased to have such an excellent partner on board," said Tommy Lowback, CEO TextileSolutions. "TMG will not only inject capital, but more importantly, further strengthen our network in the textile business. This relationship is an excellent fit." he added. The investment is the first in a series of announcements of industry investments in TextileSolutions, according to Lowback. "This investment is further proof that TextileSolutions has the right business concept for the industry," Lowback said. With extensive knowledge in the electronics and telecommunications industries, the TMG Group brings to TextileSolutions a deep understanding of integrating high technology applications in the textile industry. "TMG considers the $2.5m to be the first in a series of investments in the new economy," according to Henrique Dionisio, TMG general manager. "Our investment strategy is to make the textile industry more efficient all along the value chain. We look forward to mutual success with TextileSolutions in expanding this dynamic approach to the market."
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