TJL CEO Sriyan de Silva Wijeyeratne stated that he was excited by the move and the synergy it would bring, and added that it presented a clear indication of the company moving aggressively towards its next phase of growth to pursue its vision of being one of the leading Fabric Mills in South Asia.
Sri Lanka’s leading textile mill, TJL described the Quenby Lanka Prints Ltd acquisition as a bold move towards longer term growth and customer centric solutions provision.
TJL at present offers a range of innovative cutting-edge fabric solutions to some of the most demanding customers in the world. Last year, TJL’s profits grew by 16% and exceeded $ 10 million.
In February 2015, TJL initiated the valuation and due diligence study for the potential acquisition and subsequent to discussions between the relevant parties, a purchase price of $ 3.5 million was agreed upon.
Reflecting the strength of a strong balance sheet, the entire consideration is due to be paid out in cash to the shareholders of Quenby Lanka in order to acquire the shares of the company.