I am pleased to announce Fiberweb has acquired control of our existing geosynthetics joint venture in Gujarat, India.
Following the signing of contracts at head office on Monday, July 8th, Fiberweb now owns 65%of shares in the Terram India plant, up from 26%.
Terram India is based in a coastal industrial park near Mundra and has been fully operational since 2012. This additional investment of £2 million will enable us to provide a wider range of Terram products from the plant, which is excellently placed to serve existing and new customers in the Middle East, South America, Africa, Asia and Australasia as well as in the growing Indian market.
The line will continue to provide support to operations in Maldon, and a separate sales office,also based in Gujarat, will be expanded. Further investment in technology and to integrate our accounting and stock management systems will take place over the coming months.
This acquisition is another step forward for Fiberweb and will further enhance our reputation as a global geosynthetics solution provider. I would like to thank everyone involved in Terram India for their hard work and look forward to sharing more good news from the plant in the near future.