Indo Count Industries Acquires Majority Stake in Fluvitex USA for USD 24.23 Million

Indo Count Industries Ltd., through its US-based subsidiary Indo Count Global, Inc., has acquired 81% stake in Fluvitex USA, Inc. The acquisition, valued at USD 24.23 million, was made through a Stock Purchase Agreement with Masias Invest, S.L. Fluvitex USA, Inc., a Delaware, USA-based company, is engaged in the manufacturing of Pillows, Comforters, and similar filled products with an annual production capacity of 5 million pillows and 1.5 million quilts. The company's turnover for the FY 2023 was USD 28.26 million. This acquisition will help Indo Count Industries improve its presence in the utility bedding segment in North America, thereby increasing its market share. The acquisition is expected to be completed by 30th September, 2024.