Pittards takes over ownership in Ethiopia
11/12/2009
UK-based tanning group Pittards has announced the acquisition of the Ethiopia Tannery Share Company (ESTC) from the Ethiopian government.
The company described the deal as “the logical extension” of its long relationship with the African country. Ethiopia has long been an important source of raw material for its glove leather manufacture, and, since 2005, it has been running the ESTC as a managing partner of the government.
Stephen Boyd, chairman of Pittards, commented: “We are delighted to have concluded this deal to acquire ETSC, a company we have known for many years and with which we have had a close working relationship since 2005. This acquisition has the potential to be a great deal for Pittards and Ethiopia and we look to the future with confidence.”
The company also said it intends to transfer more volume production from its UK site in Yeovil to ETSC, freeing up additional resource in Yeovil for “more technologically advanced, higher value added leathers”.
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