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IC Companys acquisition in production Turkey

By FashionUnited

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IC Companys has acquired one of its sourcing and production agents in Turkey effective 1 January 2006. The company, a well-established organisation with 32 employees, will gradually take over the Group's sourcing activities in Turkey and the neighbouring countries. It is expected that the company is integrated in the Group by the end of the 2005/06 financial year.

The new structure will make the Group's European sourcing simpler and more efficient, maintaining the high levels of quality and reliability in deliveries. The objective of the acquisition is also to strengthen the European production platform as an alterna-tive to sourcing from US-dollar-based regions, including China, which is subject to quotas. The acquisition thus complies with IC Companys' strategic objective of having an efficient and balanced produc-tion platform. The consideration will be a maximum of DKK 6 million, and no material restructuring costs are ex-pected. The acquisition will not have any consequences for IC Companys' forecast of revenue, operating profit and cash flows for the financial year ending 30 June 2006.

ICC