Duvaltex Inc. Acquires Michigan based True Textiles Inc.

Canada: Duvaltex Inc., Canada based holding company has recently acquired True Textiles Inc., a high performance fabrics manufacturer. The acquisition includes the transfer of business units based in Maine and Teknit to Duvaltex. This is further expected to position Duvaltex Inc. as one the largest manufacturer of contract and commercial interior fabrics in North America, especially in U.S. and Canada. SSG Capital Advisors, LLC acted as an investment banker, which helped in closing the transaction by transfer of all the outstanding stocks of True Textiles, Inc. to Duvaltex, Inc.

TechSci Research depicts that this acquisition would enhance the company position in textiles market in North America. The acquisition would also help the company to enhance its product portfolio and offering to its customers. In addition will also add significant value to its existing customers of Victor Textiles and True Textiles, the two companies owned by True Textiles Inc.

According to the recent report published by TechSci Research, “United States Textile Chemicals Market Forecast and Opportunities, 2020”, the United States textile chemicals market is forecast to cross USD2 billion by 2020. The textile chemicals market is broadly classified into two different segments, i.e. auxiliaries and colorants. Due to rising labor cost internationally, domestic textile manufacturers are shifting their focus on local production, thereby reviving the textile sector in the United States. Currently, the leading manufacturers of textile chemicals operating in the United States are DuPont, DOW Chemicals and BASF. In spite of the decline in production capacity over the last few years experienced by the textile industry, the market is anticipated to recover during the forecast period due to the increasing focus on domestic production, which in turn is expected to fuel demand for textile chemicals.