Pritex Ltd to be sold by Steinhoff International

Thu, 02 Aug 2018 | BUSINESS SALE

Employees of Wellington based Pritex Ltd have been informed that the business may be sold.

Pritex, a manufacturer of acoustic and thermo-acoustic insulation products for a diverse range of automotive and industrial markets is owned by South African parent company, Steinhoff International.

The business was hit by an accounting irregularity scandal earlier this year. Following the scandal, a two-year loan was arranged to ensure investment to maintain Steinhoff's manufacturing and retail arm. And now the company is looking for growth opportunities.

Managing director of Steinhoff UK Manufactoring Group, Alan Chapman said: "Following the unexpected events with our South African parent company, I can confirm we have notified all employees that we have started a process to market the Pritex business for a potential sale.

"In the last few months, the board and Pritex's shareholders have been in discussions about the next steps in the development of the business, and they believe the timing is right to conduct this exercise.

"I see exciting opportunities for Pritex to grow into other manufacturing sectors and into broader regional markets, particularly the European Union.

"That growth should provide job opportunities and ensure the continued success of our business in Wellington.”

Although the sale is not considered certain, potential buyers will be considered if they have a reasonable offer and want to become involved in the long-term strategic growth of the business.

Mr Chapman added: "The UK funding obtained at the start of this year remains in place, and the Steinhoff International Group has also recently announced that is has secured agreement from its creditors on a refinancing plan for the next three years.

"The Relyon bedding business is performing well in a tough retail environment. We are investing in the Wellington site for the long term, which includes work on refurbishment of buildings and a new fleet of vehicles."

The management team will remain unchanged with a focus on growing the bottom line.

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