Toray has agreed to acquire shares in Pacific Textiles Holdings Ltd, a textile manufacturer based in Hong Kong.

Toray has signed a share purchase agreement today to acquire 28.03% stake in the company for  HK$4,053,940,000 (around 59 billion yen).

Pacific Textiles has been a manufacturer of textile products since 1997 and now makes customized knitted fabrics. Its principal manufacturing facility is located in Panyu, China and iit also has a manufacturing plant in Vietnam.

This story is reprinted from material from Toray, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.