Following reports last month that it was the subject of a hostile takeover by one of its competitors, Spuntech has announced a plan that will double its spunlace capacity in the U.S. The Israel-based firm will invest a reported $30-35 million in the new spunlace line, which will come onstream in the next 18-24 months. Spuntech began production in North Carolina in 2005-2006.
According to company data, Spuntech’s sales have grown steadily since it began producing spunlaced nonwovens in Israel in 2000. The company’s sales have grown on average 18.4% per year since then and were reported at $122.6 million last year.
In March, an Israeli news outlet reported that shares of Spuntech increased sharply following a takeover bid from one of its competitors. Spuntech, which has not commented on these rumors, counts its main shareholders as Nissan Industries, Judith Recanati’s Gandir Investments and Psagot.
Spuntech to add spunlace line in U.S.