Faze Three acquires Pana Textil

Faze Three Ltd has informed that the Company has acquired a 76% (Seventy Six) stake in Pana Textil GmbH (Pana) for a total consideration of Euro 5.8 million. Pana Textil GmbH; a brand which is over 50 years old is one of the leading manufacturers of Bathmats in Europe. With this acquisition the Company have complete access to the manufacturing facilities of Pana which are strategically located in Germany and Hungary. More importantly, this will bring the Company closer to its customers, but also enable it to increase its footprint in the highly quality conscious European market. Both Companies will work closely and complement each other in areas such as cost competence, design capabilities, technology, wide product portfolio and systems & processes. With this acquisition, the Company now offers all products related to this category.

The Company is confident of achieving a 50% (Fifty) growth. Going, forward, the Company would have added Printed Bathmats and Nano Technology to its existing product range, which are the requirements of major European, UK & American Retailers. Products from Pana have already been presented to the US and UK markets where the Company already has a strong presence. It has received very favourable reactions as now can offer made in Germany tag at very affordable prices.