Indo Count Global, Inc. (ICG), a U.S. based wholly owned subsidiary of Indo Count Industries has acquired 100% stake in Modern Home Textiles, Inc., manufacturer of wide range of pillows and other filled products (Utility Bedding) having its facility located at Phoenix, Arizona with an annual capacity to produce 8 mn. pillows.
Indo Count Industries Ltd, via its US subsidiary Indo Count Global, acquired 100 per cent of Modern Home Textiles and a majority stake in Fluvitex USA.
These acquisitions boost its Utility Bedding segment, increasing US capacity to 13 million pillows and 1.5 million quilts annually, targeting over $85 million in revenue, and strengthening its North American market presence.
ICG also acquired last month majority stake in Fluvitex USA, Inc., a pillow and quilt manufacturing company based in Columbus, Ohio which has the capacity to produce 5mn. pillows and 1.5 mn. quilts. This back-to-back acquisition is a stepping stone to establish an integrated utility bedding business for the North American Market. These acquisitions have diUerent locations one in Midwest and the other one on the West Coast thus providing an eUicient distribution base to both existing and prospective customers.
Mr. Anil Kumar Jain, Executive Chairman, commented, “We are delighted to have Modern Home Textiles in the ICIL Group. This strategic acquisition will not only accelerate Indo Count’s ambition to grow the Utility Bedding segment but also significantly enhance its capabilities and market reach. Modern Home Textiles brings innovative sustainable solutions in the utility bedding segment allowing us to serve our customers better and enable us to further expand our US presence. Our investments over the last few months in the USA underscore our commitment to creating more employment opportunities and further strengthen our brand.”
With these two acquisitions, the total manufacturing capacity in USA will be 13 mn. Pillows and an additional capacity of 1.5 mn. Quilts annually. At full capacity, the total expected revenue is USD 85 mn. plus. The Customer base in both Fluvitex and Modern Home Textile are not overlapping, thus providing a strong projected growth. These investments by Indo Count Global, USA are part of a larger plan to build significant capacities in pillow manufacturing to service the utility bedding customers in North America.
Statements in this document relating to future status, events, or circumstances, including but not limited to statements about plans and objectives, the progress and results of research and development, potential project characteristics, project potential and target dates for project related issues are forward-looking statements based on estimates and the anticipated eUects of future events on current and developing circumstances. Such statements are subject to numerous risks and uncertainties and are not necessarily predictive of future results. Actual results may diUer materially from those anticipated in the forward-looking statements. The company assumes no obligation to update forward-looking statements to reflect actual results changed assumptions or other factors.
Note: The content of this press release has not been edited by Fibre2Fashion staff.
Fibre2Fashion News Desk (RM)