Lenzing AG acquires Tencel group
May 10, 2004-- Home Textiles Today,
Lenzing AG is taking over the Tencel group of companies. The seller is Corsadi BV, part of the international financial group CVC.
According to the companies, the purchase agreements were signed last week, but the price of the transaction was not disclosed. The acquisition will further strengthen Lenzing's position as a manufacturer of high-quality, cellulose-based fibers, stated the companies.
Tencel operates one large-scale Lyocell plant in the United States (Mobile, Ala.) and another in the United Kingdom (Grimsby), with a total nominal capacity of about 80,000 tons per year. The 2003 figure for sales was 100 million Euros.
"The acquisition marks a milestone for the Lenzing Group," said Thomas Fahnemann, chairman of the managing board of Lenzing. "We are tripling our Lyocell capacity and thereby reaching the critical size that is necessary for a sustainable and profitable Lyocell operation."
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