Hoftex GmbH, a subsidiary of the manufacturer of yarns, fabrics and nonwovens, Hoftex Group AG, Hof/Germany, has signed an agreement to sell its subsidiary Hoftex CoreTech GmbH, Drebach /Germany, to Filidea Srl, Biella/Italy. Upon completion of the transaction, all shares and all fixed and current assets will be transferred to Filidea as of September 1, 2019.
Filidea is a joint venture between the Italian company Marchi & Fildi SpA and the Turkish company Abalıoğlu Holding A.Ş, and is a long-standing business partner of Hoftex GmbH. Filidea manufactures and distributes yarns and twisted yarns for a range of applications, among them protective clothing, furniture manufacturing and circular and flat knitting applications. The company’s customers include well-known furniture manufacturers, producers of protective clothing for firefighters and racing suit suppliers for Formula 1 and the World Rally Championship.
Filidea will acquire and continue all business activities of Hoftex CoreTech GmbH, and the entire workforce of approx. 100 employees will be taken over. As a result, Hoftex CoreTech GmbH's operating business at the Drebach site will continue as usual.
The sale has no effect on the other activities in the Hoftex business unit or in the Tenowo and Neutex business units.