Parimatex Acquires Sheftex
Cecile Corral -- Gifts & Dec, October 17, 2005
Dayton, Ohio— Top-of-bed and window coverings supplier Parimatex Group continues to expand its capacity with the recent acquisition of the assets of former Canadian textiles company Sheftex.
Once a major supplier to mid- and high-end Canadian department stores, Montreal-based Sheftex for about 50 years manufactured chenille, jacquard and printed top-of-bed products.
“The (Sheftex) plant has been dismantled and the machinery is being shipped to our plants in Pakistan,” said Saif Ijaz, president and CEO of Parimatex.
Parimatex is a 21-year-old textiles mill based in Faisalabad, Pakistan, that originally served as a manufacturer and supplier of chenille, jacquard and printed top-of-bed goods, window coverings and high-count sheet sets to textiles companies. But more than four years ago, the company shifted its business strategy and began supplying goods directly to U.S. retailers.
Earlier this year, the company established a U.S. headquarters here in a 500,000-square-foot warehouse facility.
“We've been growing by 45 percent per year in the past four years, and to maintain our growth and keep up with demand, we needed to expand by acquiring more machinery,” Ijaz said. “We are buying a lot of machinery in the U.S. and all over the world.”
On the heels of the Sheftex deal, Parimatex is now in negotiations to purchase the assets of another company, Ijaz said.
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