Spentex buys Czech firm Schoeller for $25mn

The board of directors of Spentex Industries, which met on June 30, 2007, has approved a proposal to acquire Schoeller Litvinov k.s. (Schoeller) in Czech Republic.

According to a release issued by Spentex to the BSE today. the acquisition of Schoeller was completed for a consideration of $25 million.

"The transaction will enhance the topline of the company by about euro 55 million and add another euro 6 million per year in cash flow. This acquisition is in line with company's inorganic growth strategy of acquiring good, operational assets of strategic value. Schoeller is a leading yarn manufacturer in Europe with operations in Germany, the Benelux countries, France and the Czech Republic with customer base spread across European Union," the release added.