Textured Jersey to buy Quenby Lanka in $3.5m deal
Textured Jersey Lanka has its sights on being one of the leading fabric mills in South Asia
Textured Jersey Lanka (TJL), one of Sri Lanka’s leading textile mills, is to acquire fabric printer Quenby Lanka Prints for US$3.5m.
Quenby Lanka, an equal joint venture between Brandix Lanka Limited and Trust Family Industries, is located close to TJL in the Seethawaka Industrial Park, and will enable the knitted fabric manufacturer to expand its printing capability.
The two companies already have a strong working relationship and further synergies are envisaged following the acquisition. In particular, it could help elevate TJL "to the next level" of customer centric solutions and innovation, as well as offering potential for further capacity and margin improvement through synergies.
Textured Jersey, a joint venture between Hong Kong listed Pacific Textiles and Sri Lanka's largest apparel exporter Brandix, offers a range of cutting-edge fabric solutions to the intimate apparel and sportswear industries. Last year the firm’s profits grew by 16% to LKR1.3bn (US$9.8m).
CEO Sriyan de Silva Wijeyeratne says the company is moving aggressively towards its vision of being one of the leading fabric mills in South Asia.
TJL is also is talks to acquire another company, Ocean India (Pvt) Ltd, a knit fabric manufacturer located in India, which it has been providing with technical and management expertise.
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