04.20.18
Tenowo GmbH, a wholly owned subsidiary of Hoftex Group AG, will sell its 49% stake in Supreme Nonwoven Industries Pvt. Ltd. to its Indian co-shareholders.
Supreme Nonwoven Industries Pvt. Ltd. is based in Mumbai and active in the field of the production of nonwoven fabrics. The sale of the investment is a consequence of the continuing strategic focusing of Tenowo GmbH and will have no impact on the balance sheet equity of Hoftex Group. The parties have agreed not to disclose the purchase price and the transaction is expected to be completed within 24 months after the conclusion of the purchase agreement.
Tenowo entered the agreement in 2006 with Supreme, a family-owned company with nonwovens several nonwovens operations in India. The agreement reportedly encompassed both industrial and interlining applications.
