MUMBAI — October 14, 2024 — Indo Count Industries Ltd. announced another strategic move to broaden its Utility Bedding segment.
Indo Count Global Inc. (ICG), a U.S. based wholly owned subsidiary of Indo Count Industries has acquired 100 percent stake in Modern Home Textiles Inc., manufacturer of wide range of pillows and other filled products (Utility Bedding) having its facility located at Phoenix, Ariz., with an annual capacity to produce 8 mn. pillows.
ICG also acquired last month majority stake in Fluvitex USA Inc., a pillow and quilt manufacturing company based in Columbus, Ohio, which has the capacity to produce 5 million. pillows and 1.5 million. quilts. This back-to-back acquisition is a stepping stone to establish an integrated utility bedding business for the North American Market. These acquisitions have different locations one in Midwest and the other one on the West Coast thus providing an efficient distribution base to both existing and prospective customers.
Anil Kumar Jain, executive chairman, commented: “We are delighted to have Modern Home Textiles in the ICIL Group. This strategic acquisition will not only accelerate Indo Count’s ambition to grow the Utility Bedding segment but also significantly enhance its capabilities and market reach. Modern Home Textiles brings innovative sustainable solutions in the utility bedding segment allowing us to serve our customers better and enable us to further expand our US presence. Our investments over the last few months in the USA underscore our commitment to creating more employment opportunities and further strengthen our brand.”
With these two acquisitions, the total manufacturing capacity in the United States will be 13 million. Pillows and an additional capacity of 1.5 million quilts annually. At full capacity, the total expected revenue is $85 million plus. The customer base in both Fluvitex and Modern Home Textile are not overlapping, thus providing a strong projected growth. These investments by Indo Count Global, USA are part of a larger plan to build significant capacities in pillow manufacturing to service the utility bedding customers in North America.
Statements in this document relating to future status, events, or circumstances, including but not limited to statements about plans and objectives, the progress and results of research and development, potential project characteristics, project potential and target dates for project related issues are forward-looking statements based on estimates and the anticipated eƯects of future events on current and developing circumstances. Such statements are subject to numerous risks and uncertainties and are not necessarily predictive of future results. Actual results may diƯer materially from those anticipated in the forward-looking statements. The company assumes no obligation to update forward-looking statements to reflect actual results changed assumptions or other factors.
Posted: October 14, 2024
Source: Indo Count Industries Ltd.
