Latvian SEZ Firm Has Acquired 100 Percent Shares of Elastic Textile Europe

Latvia based fabric manufacturer Lauma Fabrics, operating in the Liepaja special economic zone (SEZ) of the country, has acquired 100 percent shares of the German textile firm Elastic Textile Europe GmbH, one of Europe’s leading elastic materials manufacturers.

The Latvian SEZ firm has acquired 100 percent shares of Elastic Textile Europe as well as a 51 percent stake in the associated dye house Elastic&Weskott, and has established a new limited liability firm LE Textile in Germany, reports Dienas Bizness.

The two companies had announced a strategic alliance in December 2012, when the Latvian firm declared that it would be acquiring the German textile firm and would establish a new firm that would help Lauma Fabrics in expanding production as well as foray into Western markets.

Lauma Fabrics’ board member Eddie Edgins said that along with the acquisition, the Latvian firm has also made changes in the management team of the German firm since last September.

The LE Textile firm would retain production of goods manufactured by the German textile firm, but in addition would also be manufacturing high value-added textile goods as well as Lauma Fabrics products, he added.

The Latvian firm is one of the leading manufacturers of lace, elastic knitted fabric and ribbons in Europe. Last year, the company’s turnover amounted to € 32.6 million. The firm’s key markets include Belarus, the Baltic nations, Ukraine, Poland, Russia and France.

Elastic Textile Europe GmbH, based in Neukirchen, Germany, is one of the leading manufacturers of flexible fabrics and lace, and innovative products for laundry, bath textiles as well as sportswear and technical textiles.