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.