German non-woven textile and specialised paper manufacturing company Neenah Gessner GmBH has acquired a significant minority stake in Pune-based Aim Filtertech Pvt Ltd (AFPL), as per a statement. Details of the transaction are not disclosed.
AFPL, founded in 2002 by Dhiren Shah, is a privately held company manufacturing non-woven fabrics. It started with manufacturing filtration products and now produces a range of non-woven products for filtration (air and liquid), cleaning & oil absorbents, automotive and in-house décor, healthcare and medical, fashion, apparel and accessories and packaging applications. AFPL has two manufacturing facilities near Pune.
After the acquisition Shah will continue as managing director of AFPL.
SME-focused advisory firm Ruby Capital Advisors acted as an advisor on valuation and business plan for AFPL.
The size of Indian technical textiles industry is estimated to be over $11 billion. Of this, the share of non-woven textiles is about $550 million. However, it is expected to grow faster than the woven textiles market.
Neenah Gessner supplies special papers for a variety of applications. Its parent company, Neenah Paper, Inc., has an annual turnover of $800 million.
Worldwide, Neenah has 1,700 employees, of which 740 work in Germany at Neenah Gessner and its sister company, Neenah Lahnstein. It has eight production plants spread across the US and Germany.
(Edited by Joby Puthuparampil Johnson)