The Latvian firm is one of the leading manufacturers of lace, elastic knitted fabric and ribbons in Europe.  Its key sales markets are Belarus, Baltic countries, Ukraine, Poland, Russia, France, but the firm now believes the deal will offer a great opportunity to expand into markets of western countries.

The business model of German firm will remain unchanged with all employees, machines and the complete infrastructure have been taken over. On this basis Lauma and Elastic continue to implement their strategy to combine premium know-how with a competitive cost base, financial stability and European origin.

Alternative offer

The German company specialises in production of rich, soft and modern fabrics used for the making of sports and shaping underwear. The company supplies its Elastic brand products to the leading producers of lingerie in Europe.

The production plant is located in the German city Neukirchen. The company that makes about 11m EUR in annual turnover will continue to implement its know-how, benefiting European markets by offering an alternative to offers from Western Europe and Asia.

LE Textile

Lauma Fabrics has also acquired 51% stake in Elastic Textile Europe’s associated company Elastic&Weskott. As a result, a new company, LE Textile, has been established. The German company continues to represent the brand Elastic that is in the market since in 1958.

LE Textile will continue to produce its Germany-made goods, but will also be manufacturing high value-added textile goods as well as Lauma Fabrics products.

Besides the products, to its clients. For the Latvian company, which until now sold most of its products to garment manufacturers targeting the CIS market, it is seen as an opportunity to establish more connections with western firms.

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