In a strategic move, Spanish textile giant Nueva Expresión Textil (Nextil) has successfully divested the production facilities of its subsidiary, Elastic Fabrics of America Inc, located in North Carolina, USA. This significant decision, reported to the Comisión Nacional del Mercado de Valores (CNMV), aligns with Nextil’s vision to consolidate its textile operations in Guatemala.
Anticipated to generate around 3.2 million euros in capital gains before taxes, the transaction results in an immediate 4.5 million euros reduction in financial debt for Nextil. Per the agreement with the buyer, Nextil will maintain its North Carolina operations until March before transitioning production activities to Guatemala.
This divestment marks a crucial milestone in Nextil’s strategic plan, realizing its objective of centralizing textile industrial activities in Guatemala, where the company has invested over 12 million euros. Guatemala boasts specific industrial facilities equipped with cutting-edge machinery, ensuring a streamlined, efficient, and cost-effective approach to Nextil’s industrial operations.
