MUMBAI — September 16, 2024 — Indo Count Industries Ltd., a global bed linen player, today announced a strategic move to strengthen and grow its Utility Bedding segment.
Indo Count Global (ICG), a 100-percent U.S. based subsidiary of Indo Count has acquired Fluvitex USA Inc., a part of Masias Invest S.L., a Spain-based textile machinery firm since 1944. Fluvitex is a Pillow & Quilt manufacturing company based in Columbus, Ohio, with an annual production capacity of 5 million Pillows of different types and 1.5 million quilts. Fluvitex’s strategic location allows efficient distribution across the USA and Canada with a revenue potential of more than $50 million.
ICG has signed a definitive agreement for acquiring 81 percent stake of Fluvitex USA from its promoter shareholder – Masias Invest S.L., with an exclusive option to purchase the remaining 19 percent stake within the next 5 years, i.e. by September 30, 2029. The acquisition is funded by internal accruals and debt.
Mohit Jain, executive vice chairman, commented: “Acquiring Fluvitex is a critical move as it allows Indo Count to establish a fully integrated Utility Bedding business in the USA. Fluvitex’s state-of-the-art manufacturing facility and its strategic location will significantly enhance our ability to serve North American customers with a broader product range. This, along with the recent Wamsutta brand acquisition, represents a key milestone in Indo Count’s strategy to build a globally comprehensive Bedding portfolio.”
The acquisition is a pivotal step in Indo Count’s journey and is a stepping stone to establish a manufacturing footprint in the USA, thus enabling the Company to offer a diverse range of bed linen products, including pillows, quilts, decorative pillows and other.
Posted: September 16, 2024
Source: Indo Count Industries
