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Aquafil aquires OMara Inc. For $40.5 Million in USA

YarnsandFibers News Bureau 2019-06-04 14:20:00 – United States

Today Aquafil S.p.A. finalized the acquisition of 100 percent of O’Mara Inc. for a total consideration equal to $40.5 million. The deal was completed through the Group’s U.S. subsidiary, Aquafil USA Inc.

O’MARA Inc.

O’Mara Incorporated — founded in 1970 — produces nylon, polypropylene and polyester fibres mainly in solution-dyed colors in its plant based in Rutherford College, N.C. In 2018, O’Mara reported a turnover of $40.1 million, with margins in line with those of Aquafil Group.

Integration of O’Mara into Aquafil Group

O’Mara’s identity and market positioning are fully consistent with those of Aquafil Group. This compatibility accelerates the globalization process of the textiles business, with positive consequences for ECONYL® and Dryarn® products as well. O’Mara will provide access to a broader product range, thereby driving further development of the US market in the sectors of athletic apparel, hosiery, fashion and accessories.

As a result of the production activity in the United States, the group will benefit also from the trade agreements between the US federal government and certain Central and South American countries (CAFTA), which allow for exemptions from US tariffs on apparel produced in the latter countries using yarns of US origin.

The transaction

Aquafil S.p.A. funded the acquisition through a privately placed bond subscribed by Pricoa Capital Group, a member of the U.S. insurance group Prudential Financial Inc., for a total amount of 40 million euros, with a term of 10 years, including an initial interest-only period of three years, and an annual fixed rate of 1.87 percent.

Founded in 1965, Aquafil is one of the main producers of nylon in Italy and worldwide. The Group is present in eight countries and in three different continents, with more than 2,800 employees at 16 production sites located in Italy, Germany, Scotland, Slovenia, Croatia, Unites States, Thailand and China.

Courtesy: Textile World

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