Textured Jersey Lanka to buy fabric printer for US$3.5mn
COLOMBO (EconomyNext) – Sri Lanka’s Textured Jersey Lanka Plc said it will acquire Quenby Lanka Prints (Pvt) Ltd, a fabric printer for 3.5 million US dollars.
Quenby Lanka is a 50/50 joint venture between Brandix Lanka Limited and Trust Family Industries Incorporated.
The plant is located on 4.4 acres of land in the Seethawaka Industrial Park, closed to the Textured Jersey’s own facilities.
"Therefore, in addition to the printing capability enhancement for TJL, the acquisition also offers potential for further capacity optimization and margin improvement through synergies," the firm said in a statement.
TJL said it was also in talks to acquire Ocean India (Pvt) Ltd.
TJL’s major shareholders are Honk Kong based Pacific Textiles, Sri Lanak’s Brandix with 30 percent held by the public.