Himatsingka Seide acquires 80% stake in Divatex

Himatsingka Seide has acquired an 80% stake in Divatex Home Fashions Inc. New York through its subsidiary Himatsingka America Inc. The agreement was signed on 01 July 2007 in New York, the enterprise value for the transaction is US$ 75 MM.
Divatex is among the top three distributors of bed linen products in the US.

As Divatex is a large distributor of bed linen products, there will be significant synergies for sourcing requirements from the new US$ 100 MM bed linen facility of Himatsingka at the Hassan Special Economic Zone in Karnataka. The facility has commenced trial production and is likely to commence commercial production in July 2007