Indo Count Industries Ltd announced on September 16 that its wholly-owned subsidiary, Indo Count Global Inc., has acquired an 81% share in Fluvitex USA, Inc. for $19.63 million. This acquisition, finalized through a Stock Purchase Agreement with Spain’s Masias Invest, S.L., includes an option for Indo Count to purchase the remaining 19% stake by September 2029 for an additional $24.23 million.
According to a stock exchange filing, the acquisition will be financed through internal funds and debt, with the transaction expected to be completed by September 30, 2024. Fluvitex USA, located in Columbus, Ohio, produces five million pillows and 1.5 million quilts annually and reported a turnover of $28.26 million for FY23. The company’s operations extend across the US and Canada. This move is part of Indo Count’s strategy to enhance its footprint in the North American utility bedding market, aiming to increase market share and expand distribution capabilities.
Mohit Jain, Executive Vice Chairman of Indo Count, commented, “The acquisition of Fluvitex is a pivotal step in establishing a fully integrated Utility Bedding business in the USA. Fluvitex’s advanced manufacturing facility and strategic location will greatly boost our capacity to offer a wider range of products to North American customers.”
Indo Count Industries Ltd shares closed at ₹402.00, down ₹8.95 or 2.18% on the BSE. Indo Count Industries is a leading Indian textile manufacturer, renowned for its expertise in producing high-quality bed linen and home textile products.
Founded in 1988, the company has grown into one of the world’s largest suppliers of bed sheets, pillowcases, and other home furnishings, exporting to over 50 countries, including the U.S., U.K., and Europe. Indo Count is recognized for its integrated approach, controlling the entire value chain from yarn production to finished goods, ensuring superior quality and timely delivery.
With a strong focus on innovation, design, and sustainability, Indo Count caters to global retailers, hospitality sectors, and niche markets. Their commitment to eco-friendly practices, customer-centric solutions, and premium quality has earned them a strong reputation in the international home textiles industry, positioning Indo Count as a trusted name in luxury and everyday bedding products.
