Toray makes strategic investment in fabric partner
07/07/2017
The shares have been purchased for a little over $500 million from Far East Asia Limited, a company owned by Pacific Textiles director Ip Ping Im, and from his wife. The deal is expected to be closed in mid-July.
Pacific Textile has its main manufacturing facility in Panyu, China, as well as a plant in Vietnam.
Toray said it was a “long-time partner” of Pacific Textiles and that the two companies have been developing new fabrics together. It expects this strategic investment to strengthen its business relationship with Pacific.
“By leveraging Toray's strengths in raw materials and Pacific Textiles’ value-added knitting services, both groups are positioned to innovate and improve products to their end clients, as well as penetrating into new geographies and adjacent segments,” Toray added.
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