Formosa Taffeta Co., Ltd. acquired 50% stake in Schoeller Textil AG from Albers & Co AG for CHF 40 million.
October 18, 2019
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Formosa Taffeta Co., Ltd. (TSEC:1434) agreed to acquire 50% stake in Schoeller Textil AG from Albers & Co AG for CHF 40 million on October 19, 2019. Pursuant to the terms of the acquisition, Formosa Taffeta Co., Ltd., would conduct due diligence and discuss a possible seat on the Schoeller Textil Board at a later date. The transaction has been approved by the Board of Formosa Taffeta Co., Ltd. The transaction is expected to complete in March 2020.
Formosa Taffeta Co Ltd is a Taiwan-based company mainly engaged in the manufacture and sale of textile products, as well as the operation of gas stations. The weaving business, dyeing business and works business are engaged in the provision of blended fabrics, staple fiber fabrics, long and short woven fabrics, polyamine and polyester fabrics, and various plain woven fabrics. The cords business and industrial materials business are engaged in the provision of polyamine and polyester tire cords, pure cotton yarns, blended yarns, functional yarns, special protective yarns and fabrics, medical care fabrics, bulletproof fabrics, carbon fiber fabrics, composite fabrics and plastic bags. The oil products business is engaged in the operation of gas stations to sell gasoline, diesel and kerosene products, and the provision of car wash services. The formosa technology business is engaged in the assembly, testing, module processing, research and development of various integrated circuits.