dkishore
12-12-2007, 01:54 AM
The country’s top luxury home furnishing maker, Himatsingka Seide Ltd, has recently purchased US-based home textile firm DWI Holdings for $30 million, finishing its third overseas purchase in the existing year.
The three attainments will contribute around Rs 1,100 crore per annum to revenues and boost the company’s consolidated revenues to Rs 1,200-1,300 crore, it said.
Dinesh Himatsingka, company’s managing director said, “We have positioned ourselves uniquely by successfully implementing an integrated model. These initiatives have given us critical mass.”
The company has expended Rs 400 crore on establishment of a factory in Bangalore having daily manufacturing capacity of 9,000 bedsheets.
DWI has the authorization to promote home textile brands including Barbara Berry, Calvin Klein and Royal Sateen. The company had income of $47 million in fiscal 2007.
Mr. Dinesh also said that the existing DWI management would go forward.
Himatsingka had also purchased major stakes in Italian home textile retailer Giuseppe Bellora in February and US-based Divatex Home Fashions in July.
At present, the company's equity is Rs 48.72 crore, with each share of a face value of Rs 5. The existing market price of Rs 100 brushes off its FY 2007 earning per share (EPS) of Rs 5.60 by a PE multiple of 18.
Himatsingka Seide has acquired an 80% stake in US-based Divatex Home Fashions Inc. for $53 million. The enterprise value of the contract is $75 million. It adopted the stake thru its wholly owned division, Himatsingka America Inc.
Divatex is among the top three distributors of bed linen products in the United States, which is headquartered in New York and runs a big warehousing and distribution plant outside South Carolina. In the year ended December 31, 2006, Divatex reported revenue of $151 million with earnings before interest, tax, depreciation and amortization (EBITDA) of $14 million
In March 2007, Himatsingka Seide took a 59.74% stake in Giuseppe Bellora SpA, Italy for euro 20 million in Giuseppe Bellora SpA, Italy. It had adopted the stake from a private equity company and the promoter family. Additionally, it infused an incremental euro 3.75 million as fresh equity to raise its share in the Italian company to 70% Giuseppe Bellora is a pan-European luxury brand in the bed linen segment
Himatsingka Seide is a 100% export oriented unit (EOU), constructing and marketing natural silk fabric. Their silk yarns and fabrics are offered across England, Germany, Italy, South America, USA, Australia and France. It is one of the largest integrated mills in the world.
The three attainments will contribute around Rs 1,100 crore per annum to revenues and boost the company’s consolidated revenues to Rs 1,200-1,300 crore, it said.
Dinesh Himatsingka, company’s managing director said, “We have positioned ourselves uniquely by successfully implementing an integrated model. These initiatives have given us critical mass.”
The company has expended Rs 400 crore on establishment of a factory in Bangalore having daily manufacturing capacity of 9,000 bedsheets.
DWI has the authorization to promote home textile brands including Barbara Berry, Calvin Klein and Royal Sateen. The company had income of $47 million in fiscal 2007.
Mr. Dinesh also said that the existing DWI management would go forward.
Himatsingka had also purchased major stakes in Italian home textile retailer Giuseppe Bellora in February and US-based Divatex Home Fashions in July.
At present, the company's equity is Rs 48.72 crore, with each share of a face value of Rs 5. The existing market price of Rs 100 brushes off its FY 2007 earning per share (EPS) of Rs 5.60 by a PE multiple of 18.
Himatsingka Seide has acquired an 80% stake in US-based Divatex Home Fashions Inc. for $53 million. The enterprise value of the contract is $75 million. It adopted the stake thru its wholly owned division, Himatsingka America Inc.
Divatex is among the top three distributors of bed linen products in the United States, which is headquartered in New York and runs a big warehousing and distribution plant outside South Carolina. In the year ended December 31, 2006, Divatex reported revenue of $151 million with earnings before interest, tax, depreciation and amortization (EBITDA) of $14 million
In March 2007, Himatsingka Seide took a 59.74% stake in Giuseppe Bellora SpA, Italy for euro 20 million in Giuseppe Bellora SpA, Italy. It had adopted the stake from a private equity company and the promoter family. Additionally, it infused an incremental euro 3.75 million as fresh equity to raise its share in the Italian company to 70% Giuseppe Bellora is a pan-European luxury brand in the bed linen segment
Himatsingka Seide is a 100% export oriented unit (EOU), constructing and marketing natural silk fabric. Their silk yarns and fabrics are offered across England, Germany, Italy, South America, USA, Australia and France. It is one of the largest integrated mills in the world.