Toray invests in Hong Kong knitter
Japanese Toray Industries has agreed to acquire shares in
Hong Kong based Pacific Textiles Holdings to pursue its
global strategic expansion and synergy effects through
supply chain integration and collaboration.
Toray has signed a share purchase agreement today to acquire
28.03% stake in Pacific Textiles from Far East Asia Limited,
a company solely owned by Mr Ip Ping Im, a director of
Pacific Textiles, and from his wife, Mrs Ip for a total
consideration of HK$ 4,053,940,000. Closing is expected to
occur mid-July 2017.
Customised knitted fabrics
Engaged in the manufacturing and trading of textile products
since 1997, Pacific Textiles is now a leading manufacturer
of customised knitted fabrics with a focus on complex,
Its principal manufacturing facility is located in Panyu,
China, and is well-equipped with advanced production
facilities, including a scalable water treatment facility
and cogeneration power plant. In addition, it also has a
manufacturing plant in Vietnam.
Pacific Textiles and Toray have been developing new fabrics
together, and Pacific Textiles has been indirectly supplying
fabrics to Toray.