Slovenian pigskin maker IUV looks set to be sold for $2.3 million, the purchaser being US company, Eline Entertainment Group.
In a statement, Eline described the purchase as being consistent with its strategy to acquire undervalued businesses operating in traditional industries and will involve the company taking a majority stake in fellow US company Paolo Nevada Inc., which is itself negotiating a 51% stake in IUV from the Slovenian government.
Vrhnika-based IUV originally established more than 50 years ago, today employs about 900 employees. In 2003, IUV sold approximately 3.5 million square meters of leather in more than 40 countries, the primary markets being Italy, Turkey, Germany, Great Britain, United States, Canada, India, and Spain. IUV's clients include many of the world's leading garment, fashion, leatherwear, footwear and automotive companies, such as Gucci, Springfield, Prada, Hugo Boss, Danier, Marks & Spencer, Sisley, DKNY, Gap (Banana Republic), Benetton, Salvatore Ferragamo, Bally, Max Mara, Marina Rinaldi, ARA. Gabor, Salamander and Volkswagen Group, to name but a few.
