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Novel Denim Holdings sells its textile and garment operations in Mauritius |
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2004-7-19
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Apparel maker Novel Denim Holdings Limited informed that it has completed the previously announced transaction to sell its textile operations and one garment factory in Mauritius to a Mauritian company for approximately $21 million in cash.
K.C. Chao, the Company''s President and Chief Executive Officer commented, "We are pleased that the transaction has closed and that we can use the proceeds to reduce our bank debt and focus on divesting ourselves of our remaining assets in Mauritius."
Novel Denim is a flexible supplier of a broad range of woven and printed fabrics, to customers primarily in the United States and Europe.
The company produces and/or finishes a diversified and innovative range of denim, chino, twill and printed fabrics including lightweights, alternative weaves and specialty colors and finishes.
Novel Denim''s customers include major retailers, wholesalers and manufacturers of leading designer and private label apparel brands.
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