Arco (Italy), May 31, 2019 –
AQUAFIL STRENGTHENS ITS POSITION IN THE USA:
ACQUIRED O’MARA INCORPORATED FOR USD 40.5 MILLION
Today Aquafil S.p.A. [ECNL:IM] finalized the acquisition of 100% of O’Mara Incorporated for a total consideration equal to USD 40.5 million. The deal was completed through the Group’s U.S. subsidiary, Aquafil USA Inc.
About O’MARA Incorporated
O’Mara Incorporated – founded in 1970 – produces nylon, polypropylene and polyester fibres mainly in solution-dyed colors in its plant based in Rutherford College, North Carolina. In 2018, O’Mara reported a turnover of USD 40.1 million, with margins in line with those of Aquafil Group.
Integration of O’Mara into Aquafil Group
O’Mara's identity and market positioning are fully consistent with those of Aquafil Group. This compatibility accelerates the globalization process of the textiles business, with positive consequences for ECONYL® and Dryarn® products as well. O’Mara will provide access to a broader product range, thereby driving further development of the US market in the sectors of athletic apparel, hosiery, fashion and accessories.
As a result of the production activity in the USA, the Group will benefit also from the trade agreements between the US federal government and certain Central and South American countries (CAFTA), which allow for exemptions from US tariffs on apparel produced in the latter countries using yarns of US origin.
Aquafil S.p.A. funded the acquisition through a privately placed bond subscribed by Pricoa Capital Group, a member of the US insurance group Prudential Financial Inc., for a total amount of €40.0 million, with a term of ten years, including an initial interest-only period of three years, and an annual fixed rate of 1.87%.