GHCL buys Best Manufacturing Group for $35 m

Diversified company GHCL, part of the Dalmia Group, said on Monday its step down subsidiary Best Textiles International in USA has acquired assets of Best Manufacturing Group LLC for $35 million.

Best Manufacturing Group has an annual turnover of $160 million and is the leading manufacturer and distributor of home textiles and items for hospitality and healthcare sector in the US, GHCL said in a statement to the Bombay Stock Exchange.

With the latest acquisition, GHCL becomes the first global textile company to own an end-to-end

value chain serving home textile customers across the spectrum, it said.

Subsidiaries of the company like Dan River Inc serve the retail chains while the Baker division caters to the hospitality chain. Best Textiles International would serve institutional markets like restaurants and hospitals.

In December 2006, GHCL's US arm Dan River Inc had acquired US-based H W Baker Lenin Co for $6.75 million through competitive bidding. H W Baker Linen is a division of the Best Manufacturing Group.