Delta Galil Industries Ltd. (Pink Sheet: DELTY; TASE: DELT) has announced that it is acquiring German underwear manufacturer Schiesser AG for €68 million. Schiesser, which designs, develops, manufactures, sells, markets and distributes its own brand underwear is in the process of being liquidated.
Schiesser's 2011 revenue totaled €132 million with gross profit of €76.7 million and operating profit of €8.3 million. 74% of sales were in Germany and the remainder elsewhere in Western Europe. 70% of sales were through retail chains and 30% from its own chain of 46 stores - 41 stores are factory outlets and 5 are retail outlets.
Delta Galil's share price closed at $7.75 in New York yesterday, giving a market cap of $181.75 million. The company's share price rose 3.5% this morning on the TASE to NIS 31.85.
Published by Globes, Israel business news - www.globes-online.com - on May 2, 2012
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