GHCL pays $35mn for assets of US-based BEST

US-based Best Textiles International, a step down subsidiary of GHCL, has acquired the assets of Best Manufacturing Group LLC (BEST) for $35 million.

According to a release issued by GHCL to the BSE today, BEST has an annual turnover of $160 million, and is the leading manufacturer and distributor of home textiles and certain items for the hospitality and healthcare sectors in the US.

"With this acquisition, the company has become first global textile company that owns an end-to-end value chain serving home textile customers across the spectrum. Dan River Inc serves the retail chains, the Baker division serves the hospitality chain and Best Textiles International will serve the institutional market like restaurants and hospitals," the release added.