$3m raises stake to 65% of India joint venture
Fiberweb Geosynthetics will invest £2m ($3m USD) to increase its stake from 26% to 65%, the release said.
Terram India, based in a duty-free zone near Mundra, fully commissioned its manufacturing operations during 2012, using a Terram geotextile spunbond line relocated from Fiberweb’s Terram operations in the UK.
The release noted that Fiberweb says the investment will enable expansion at Terram India, including the addition of a value-added geocomposite manufacturing capability. Upon completion, Fiberweb will consolidate £3m ($4.5m USD) of debt associated with Terram India. The release said that the transaction is expected to be earnings-neutral in 2013 and accretive in 2014. Completion of all terms is expected by the end of July.