Ukrainian cotton fabric producer may be sold to Tesla

Texterno, one the largest producers of cotton fabrics in Ukraine, could be declaring bankruptcy with the further sale of its assets to US electric vehicle maker Tesla, according to sources close to Texterno and senior officials in the Ukrainian government.

Texterno, based in Ternopol in Western Ukraine, is the only enterprise in the country with a full closed cycle of cotton fabric production. A 25% stake is owned by the Ukrainian government, with the remainder held by private investors.

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