Following the announcement of 6-6-2008 the Management of the THRACE GROUP announces the completion of the agreement between LUMITE INC - a 50% subsidiary of the THRACE GROUP, based in Georgia U.S.A. with the American company PROPEX Inc concerning the acquisition by the former of significant assets of PROPEX against the price of 3,1 million dollars. More specifically the agreement refers to the acquisition of Yonah plant in Georgia U.S.A., which is active in the production of synthetic fabrics for specialized uses (filtration fabrics, high flow geotextiles, protective nets etc). Taking into consideration that PROPEX Inc is customary under Chapter 11 procedures the aforementioned agreement was subject to the approval of the U.S. Bankruptcy Court of Tennessee, which was granted.
On the completion of the said acquisition LUMITE Inc, which was mainly active in trade of synthetic fabrics is now also being transformed into a manufacturing unit and at the same time is widening its product range in the agrotextiles, which is the main sector of its activity. The additional expected turnover from the new facility in Yonah amounts to dollars 18 million annually.
Up until now the THRACE GROUP was active in the production of Non Woven Geosynthetics in the U.S. market while the said acquisition of the new facility enables the production of Woven Geosynthetics as well. The THRACE GROUP is also widening its product range in the sectors of geotextiles and filtration.