Springs Global Participacoes : concludes the transaction concerning its North American operations
March 15, 2019 at 08:49 pm EDT
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Springs Global concludes the transaction concerning its North
American operations
São Paulo, March 15, 2019 - Springs Global Participações S.A. (Springs Global, B3: SGPS3) informs that it has concluded today the transaction agreed with Keeco, an American home fashion company, to combine its North American operations, which was announced to the market on December 28th, 2018, after the fulfillment of all precedent conditions.
As part of this transaction, Springs Global will become a shareholder of a company with leading brands and a vast product portfolio in the curtain, utility bedding, and decorative bedding markets, as well as a diversified customer portfolio, including the major companies in the North American traditional ("bricks and mortar") and e-commerce retail market.
This business combination will strengthen Springs Global's participation in the North American market, through a significant equity ownership in a company with an extensive product portfolio, improved competitiveness, growth potential, and better profitability due to synergies. At the same time, it will enable Springs Global's management to focus on its South American business, with a more robust financial structure.
For further information, contact:
+55 11 2145-4476ri@springs.com
Alessandra Gadelha - IR Officeralessandra.gadelha@springs.com
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Springs Global Participações SA published this content on 15 March 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 16 March 2019 00:48:07 UTC
Springs Global Participacoes SA is a Brazil-based company engaged in the textile industry. The Company focuses on spinning, weaving, finishing and manufacturing of home textile products, mainly bed and bath textile articles, such as tablecloths, bed sheets, pillowcases, mattress pads, blankets, towels, shower curtains and bath accessories. The Company offers its products under various brand names, including MMartan, Casas Moyses, Artex, Santista, Springmaid, Fantasia, Arco Iris and Wabasso, among others. The Company operates production facilities in Brazil, Argentina and the United States, as well as distributes products in the United States, Canada, Brazil and Argentina. It controls a numed of subsidiaries, such as Springs Global US Inc, Coteminas SA, Ammo Varejo Ltda and American Sportswear Ltda. It is owned by Companhia de Tecidos Norte de Minas COTEMINAS.