Toray to buy shares of Hong Kong knitter

Knitting Industry reports that Japanese company Toray Industries has agreed to acquire shares in Hong Kong–based Pacific Textiles Holdings.

Toray has signed a share purchase agreement to acquire 28.03 percent of Pacific Textiles from Far East Asia Ltd. Closing is expected to occur in July.

Pacific Textiles has been manufacturing and trading textile products since 1997. The principal Pacific Textiles manufacturing facility is located in Panyu, China, and includes a water treatment facility and co-generation power plant. The company also has a manufacturing plant in Vietnam.

Pacific Textiles and Toray have been developing new fabrics together for years. The partnership is expected to further capitalize on Toray’s expertise with raw materials and of Pacific Textiles’ value-added knitting services.