Indo Count Industries surges as its arm acquires 100% stake in Modern Home Textiles
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Indo Count Industries is currently trading at Rs. 368.00, up by 6.55 points or 1.81% from its previous closing of Rs. 361.45 on the BSE.
The scrip opened at Rs. 369.00 and has touched a high and low of Rs. 375.15 and Rs. 366.00 respectively. So far 5577 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 450.45 on 02-Jul-2024 and a 52 week low of Rs. 214.50 on 25-Oct-2023.
Last one week high and low of the scrip stood at Rs. 375.15 and Rs. 342.15 respectively. The current market cap of the company is Rs. 7298.30 crore.
The promoters holding in the company stood at 58.74%, while Institutions and Non-Institutions held 12.85% and 28.40% respectively.
Indo Count Industries’ wholly owned subsidiary -- Indo Count Global, Inc. (ICG) has acquired 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 million pillows.
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 5 million pillows and 1.5 million 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 different locations one in Midwest and the other one on the West Coast thus providing an efficient distribution base to both existing and prospective customers.
With these two acquisitions, the total manufacturing capacity in USA will be 13 million Pillows and an additional capacity of 1.5 million quilts annually. At full capacity, the total expected revenue is $85 million 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.
Indo Count Industries (ICIL) is the largest global home textile bed linen manufacturer.
