Fabric manufacturer and distributor Veltex Corp on Monday revealed it has bought freight service firm MultiModal Transportation Inc and its Memphis warehouse.

California-based Veltex, which operates a casual apparel plant in Bangladesh, said the acquisition of the Tennessee-based company will give it access to over 400 trucks, although it did not reveal the financial terms of the deal.

MultiModal president and CEO Andrew Fridel said: "I am pleased that MultiModal was acquired by Veltex Corporation. With my over 20 years experience in the trucking business, along with our accelerated growth plans, we plan to have revenues above $29 million next year, and be profitable.

Our plans right now expect us to have 100 trucks by the end of this fiscal year, and another 100 trucks by the end of March."