MW Unitexx announces share allotment

The board of MW Unitexx in its meeting on November 10, 2011

has approved the allotment of 40,76,108 equity shares of Rs 10 each, pursuant to scheme of merger of Progard Textiles (India) with the company. It may be noted that on September 2, 2011, the Bombay High Court had approved the amalgamation of Progard Textiles (India) with S Kumars Unitexx. With a turnover of Rs 1,000 crores, consolidated production capacity of 70 million meters per annum and a presence in Asia, Europe and Africa, MW Unitexx, has emerged as a leader in uniform manufacturing in the world. MW Unitexx is the textile business of MW Corp. It has three companies S Kumars, S Kumars Unitexx and Klopman.

Klopman International is a 40-year-old Italian company, a leading brand with 21 per cent share in Europe’s uniform fabric market. It was acquired by MW Corp. Mumbai-based S Kumars Unitexx is in the business of manufacturing and marketing of various textile products in India and Europe. It makes fabrics, including uniform fabrics, workday-wear fabrics, and corporate-wear fabrics. It has ready-to-wear school uniforms under the Medallion brand name; ready-to-wear institutional uniforms under the WorkStarr brand name; and image and protective wears, as well as markets its products under the S Kumars and Klopman brand names. S Kumars operates retail stores that sell ready-to-wear uniforms and suiting and shirting fabrics under the Unimart brand name. It also sells its products through a distribution network of dealers and textile retailers. The company was formerly known as Unitex Designs and changed its name to S Kumars Unitexx on September 2010.

S Kumars Unitexx reported net profit of Rs 0.19 crore for the year ended on March 2011 as against net loss of Rs. 0.82 crore during the previous year. Sales rose 72.56 per cent to Rs. 2.83 crores.