Himatsingka Seide Acquires 80% Stake In Divatex, USA

Himatsingka Seide Ltd has announced that it has completed the acquisition of an 80% stake in Divatex Home Fashions Inc. New York. This was consequent to signing definitive agreements in New York on July 01, 2007.The enterprise value for the transaction was USD 75 MM. The Company has acquired the 80% stake through its wholly owned subsidiary, Himatsingka America Inc., and will pay USD 53 MM for this stake.Divatex reported revenues of USD 151 MM for the year ended December 31, 2006 with an EBITDA of USD 14 MM. Divatex was established in 1991 by Mr. Avi Gross and Ms. Ayelet Gross. It is among the top three distributors of bed linen products in the US.