Himatsingka acquires Divatex for $53 mn.
Economic Times (New Delhi, India), July, 2007
Jul. 4--MUMBAI, India -- Himatsingka Seide on Tuesday said it has acquired 80 per cent stake in Divatex Home Fashions of the US for $53 million. The acquisition was made by its wholly owned subsidiary, Himatsingka America.
Himatsingka shares soared over 8 per cent on the announcement. At 10:17 am, the stock was up 8.5 per cent at Rs 128. So far, the share has touched a high of Rs 131.80 after it opened at Rs 124.80. The BSE counter clocked a volume of 27,897 shares against two-week average of 11,577.
This is yet another feather in Himatsingka's cap, after it acquired Giuseppe Bellora of Italy earlier this year.
"Having completed two international acquisitions of Giuseppe Bellora and Divatex with combined revenues of approximately Rs 800 crore...
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