Spentex acquires Czech firm for $25 million

New Delhi: Spentex Industries, the biggest yarn maker in India, has acquired Schoeller Litvinov K S in the Czech Republic for $25 million.

The acquisition would help Spentex have footprints in the Czech Republic, Germany, France, Belgium, Netherlands and Luxemburg. It will also gain access to a large customer base in over 30 countries.

Schoeller''s revenues during the year ending 2006 were €54.5 million and the company says that the transaction will enhance Spentex'' the topline by about €55 million and add another €6 million per year in cash flows.

This is Spentex''s fourth acquisition in the recent past. It acquired SK Birla group''s Cimmco Spinners, Indo Rama Textiles and the Uzbekistan-based Tashkent-To''yetpa Tekstil earlier.

Spentex says that it is eyeing one more acquisition this year.