Formosa Taffeta Co (FTC), a textile affiliate of Taiwan’s Formosa Plastics Group (FPG), plans to invest up to $40.55 million in Switzerland’s Schoeller Textil AG next year to deepen its cooperation with the latter and raise its market share of high-end products. FTC’s board of directors has approved acquiring a 50 per cent stake in Schoeller Textil in March next.
The company disclosed this in a filing with the Taiwan Stock Exchange last week.Formosa Taffeta Co (FTC), a textile affiliate of Taiwan's Formosa Plastics Group, plans to invest up to $40.55 million in Switzerland's Schoeller Textil AG next year to deepen its cooperation with the latter and raise its market share of high-end products. FTC's board of directors has approved acquiring a 50 per cent stake in Schoeller Textil in March next.#
The Swiss investment would strengthen FTC’s product portfolio by adding production lines for high-end products, which would also help raise its market share in Europe and the US, the company said.
FPG and FTC chairman William Wong travelled to Switzerland recently to negotiate the deal with Schoeller Textil, a Taiwanese media report cited the company as saying. The company has worked with Schoeller Textil for 17 years.
Cooperating with the Swiss company would speed up the development of sea yarns and smart apparel, the company’s focus. It would become FTC’s largest overseas investment after completion.
Schoeller Textil, established in 1868, mainly produces high-end functional outdoor and sports apparel, protective textiles for police and military use, knitted textiles and technical products, such as medical and cleaning textiles. It has plants in Switzerland and Germany, and sells most of its products in Europe and the United States.
Fibre2Fashion News Desk (DS)
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