Sri Lanka’s Hayleys acquires South Asian Textiles Ltd
Colomboâ€™s Hayleys Fabrics recently made a deal with South Asian Ltd and acquired a 98.84% stake in South Asian Textiles Limited. This acquisition will help Hayleys Fabrics expand its export portfolio in the future.
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 Singaporeâ€™s Unitex and Italyâ€™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
Source: Knitting Trade Journal
Image Source: Hayleys Fabrics