Revere Mills Sells Stakes
October 4, 2004-- Home Textiles Today,
Revere Mills has sold stakes in its business to two of its longtime product suppliers in Pakistan.
Regal Textile Industries (Pvt) Ltd. and Eastern Textiles (Pvt) Ltd. — Revere suppliers for more than 18 years in Pakistan — did not disclose the terms of the investment. The company will change its name to Revere Mills International Group.
For Revere, the partnership allows for rapid expansion as a vertical manufacturer, as well as growth for its importing business.
Newly appointed to the board are Khalid Iqbal of Regal Textile Ind. and Afaq Khan of Eastern Textiles. Lori Kite Gideon, chair of the board, and Vanden Berge remain members of the board.
In related news, Revere recently moved its main operations here from Niles, Ill., to support growth. The company said it also will continue to source from China, Turkey and India.
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