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Himatsingka
Seide set to acquire US home linen brand
18 July 2007
Mumbai:
Silk fabrics and home furnishing maker Himatsingka Seide
Ltd. is close to acquiring a US bed linen brand to boost
its overseas retailing business, sources close to the
developments said.
The
agreement could be reached in less than a month, they
said without naming the brand.
"We
are looking at a branded business in the US home textile
space," the company's chief financial officer Rajesh
Kunnath said.
 The
US brand has sales of about $50-60 million and an enterprise
value of about $30 million. Its products are distributed
by premium retailers such as Bloomingdale's, the sources
said.
J
P Morgan is advising Himatsingka on the deal, sources
said.
If
the deal goes through, it would be the company's third
acquisition in the current year. Himatsingka bought 80
per cent of US distributor Divatex Home Fashions earlier
this month and 70 per cent of Italian retailer Giuseppe
Bellora SPA in January.
 Himatsingka
has recently added 21 million metres of bed linen capacity.
It also runs a home furnishing chain in India under the
'Atmosphere' brand.
Textiles,
one of India's traditional sector, has seen several outbound
cross border deals. Some of the larger acquisitions in
this segment have been made by companies such as Spentex
Industries, Himatsingka Seide, and GHCL.
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