Latvia-based fabric manufacturer Lauma Fabrics has acquired German textile group Elastic Textile Europe. The acquisition was first announced more than 12 months ago, but was delayed as a result of the German company going into administration.
Lauma, one of Eastern Europe’s largest manufacturers of warp knitted fabrics, lace and narrow fabrics, said the deal, for an undisclosed sum, will allow both companies to “use more opportunities thus ensuring competitiveness in the future”.
Lauma Fabrics has also acquired 51% stake in Elastic Textile Europe’s associated company Elastic & Weskott. As a result, a new limited liability company, LE Textile, has been established in Germany.
With the acquisitions, the Lauma group is also hoping to attract new clients in Western markets, as well as obtain know-how and additional production capacities. The purchase will also strengthen Lauma’s positions in the CIS countries.
For the full story, see the March 2014 edition of Textiles Eastern Europe. Not a subscriber? Subscribe HERE