A&E forms JV with Vardhman
Sewing thread producer American & Efird Inc (A&E) has entered into a joint venture agreement with Vardhman Textiles Limited to manufacture, distribute and sell sewing thread for industrial and consumer markets in India and for export markets. A&E will own 35% of the joint venture with an option to acquire an additional 14% in the next five years.
Vardhman will contribute all of its sewing thread operations to the joint venture, while A&E will contribute cash. The headquarters of the joint venture will be in Ludhiana, northern India.
Vardhman runs the second largest thread company in India with thread-related sales of approximately $69 million in 2007. It has been licensed to manufacture and sell A&E branded products in India since March 2001.
