North Ireland-based Carpet manufacturer Ulster Carpets has acquired Griffith Textile Machines (GTM), a UK-based manufacturer of technical textiles machinery. Ulster reports that the purchase of Griffith consolidates a long-standing relationship between the two companies.
In the first phase of the acquisition, Ulster completed a £ 8 million dye house and energy centre project, which is expected to increase manufacturing efficiency as well as bring in significant environmental benefits.
According to Ulster, the second phase of the acquisition will get £ 35 million as an investment in regenerating all woven manufacturing facilities at Ulster’s site in Portadown. The second phase is also said to be a step of securing employment for the local area.
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David Acheson, Head of Strategic Operations at Ulster Carpets, commented, “Our ethos and future plans very much revolve around quality, design excellence and technical innovation, and Griffith Textile Machines fits this perfectly. We are delighted to have secured this purchase and are excited about the future prospects as the two businesses combine their skills.”
The acquisition is being funded from cash reserves and reflects Ulster’s vision to continue to broaden the Group by selectively adding outstanding businesses when and where the appropriate opportunity arises. Combining GTM’s unique skills with Ulster’s weaving experience will lead to further significant improvements in carpet weaving technology.
Dave Watson, GTM’s Managing Director, underlined, “With our shared strategic objectives and being such a clear fit, joining the Ulster Group was an obvious next step for both parties. We are thrilled with the rare opportunity to focus on developing innovative solutions based on our joint peerless technology.”
Source:http://news.apparelresources.com/