ARBON, Switzerland (May 12) — Industrial textile specialist Saurer A.G. has agreed to buy Day International Inc.´s Textile Product Group activities, which make rubber cots, aprons, compressive shrinkage belts and other fabricated rubber products for the yarn-spinning and glass-fiber-forming industries.
The acquisition, subject to regulatory approval, is expected to be completed by the end of May, the companies said. Financial terms were not disclosed.
Day´s textile products are marketed under the Accotex and Daytex brands and represent about $45 million in annual sales.
The Textile Products Group employs around 270 at plants in Greenville, S.C., and MÃ¼nster, Germany, and in sales offices in Italy, Turkey and Hong Kong.
"The big share of sales to textile mills and the fact that its products are wear and tear parts result in intense customer relationships," Saurer said in a statement. "Saurer can complete its components business and is now in the position to offer all parts with direct influence on yarn quality on a ring-spinning machine as a complete package."
Arbon-based Saurer describes itself as a leading manufacturer of machinery and systems for spinning, texturizing, twisting and embroidery, supplying products and services that play a key role in the value creation process in the textile industry.