O’Mara plant in North Carolina
Arco, Italy– Aquafil finalized the acquisition of 100% of O’Mara Incorporated for a total consideration equal to $40.5 million. The deal, which is said to help strengthen the Group’s U.S. position, was completed through the Group’s U.S. subsidiary, Aquafil USA Inc.
O’Mara Incorporated – founded in 1970 – produces nylon, polypropylene and polyester fibres mainly in solution-dyed colors in its plant based in Rutherford College, N.C. In 2018, O’Mara reported a turnover of $40.1 million, with margins in line with those of Aquafil Group.
O’Mara’s identity and market positioning are fully consistent with those of Aquafil Group, the company said. This compatibility accelerates the globalization process of the textiles business, with positive consequences for Econyl and Dryarn products as well. O’Mara will provide access to a broader product range, thereby driving further development of the U.S. market in the sectors of athletic apparel, hosiery, fashion and accessories.
As a result of the production activity in the U.S., the Group will benefit also from the trade agreements between the U.S. federal government and certain Central and South American countries (CAFTA), which allow for exemptions from U.S. tariffs on apparel produced in the latter countries using yarns of U.S. origin.
Aquafil S.p.A. funded the acquisition through a privately placed bond subscribed by Pricoa Capital Group, a member of the US insurance group Prudential Financial Inc., for a total amount of €40.0 million, with a term of ten years, including an initial interest-only period of three years, and an annual fixed rate of 1.87%.