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Sri Lanka’s Hayleys acquires South Asian Textiles Ltd

Apr 29, 2021
Sri Lanka’s Hayleys acquires South Asian Textiles Ltd

Colombo, Sri Lanka

Recently, Hayleys Fabrics, a subsidiary of the Sri Lanka-based Hayleys Group, acquired a total of 98.84% stake of the circular knitting company, South Asian Textiles Limited. The brand acquired a 97.68% stake from Ambeon Holdings Limited and a 1.16% stake from another unnamed minority stakeholder. The deal was valued at $28 million.

It is to be noted that South Asian Textiles Limited recently overhauled its machinery for $7 million and has invested in high-end knitting technology from Singapore’s Unitex and Italy’s Santoni. It has also invested in new finishing and printing equipment.

South Asian Textiles Limited currently operates eight flat knitting machines and 115 circular knitting machines. 60% of these are double jersey machines.  It has the ability to produce 800,000 kg of fabric every month including 100% cotton, 100% polyester, spandex, and cotton-polyester blends. The brand also produces printed, dyed, suede, and yarn-dyed fabric.

This acquisition will help Hayleys Fabrics produce higher value-added fabrics and improve its export portfolio.

Source: Knitting Trade Journal

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Image Source: Hayleys Fabrics