Raymond sells its stake in Rayves Automotive Textiles to TB Kawashima
- Created on Wednesday, 14 December 2011 19:25
Raymond sells its stake in Rayves Automotive Textiles to T B Kawashima
Raymond Limited, according to media reports, sells its stake in Rayves Automotive
Textile Company Private Limited to Japan based TB Kawashima Co., Ltd.
Rayves Automotive Textile was a JV between Silver Spark Apparel Ltd, a subsidiary of
Raymond and Treves S.A of France offering printed seating fabric for TATA Motors' - Magic IRIS.
Silver Spark Apparel Ltd, a wholly-owned subsidiary of Raymond, manufactures suits and formal trousers catering largely to export markets. Its manufacturing facility is located at Doddaballapur near Bengalore which produces 0.4 million suits, jackets and 2.0 million trousers annually.
Founded in 2009, TB Kawashima was established as a company that specializes in fabrics for the transportation segment. It was formed by merging the automotive fabric divisions of Toyota Boshoku and Kawashima Selkon Textiles, and Tatsumura Textile AI. In October 2011, TB Kawashima merged with its former subsidiary Kawashima Echigawa Factory Ltd. to establish an integrated system that can respond more rapidly at every step, from development to production. Raymond, the flagship company of the Vijaypat Singhania Group was incorporated in 1925. It commands over 60% market share in worsted suiting in India. It exports products to over 55 countries including USA, Canada, Europe, Japan and the Middle East.
Raymond operates in three divisions: Textiles, Engineering, and Aviation industry
and is based in Mumbai.
TB Kawashima is based in Shiga, central Japan with global offices in Asia, Europe, Australlia and USA and their business line is development & manufacturing, processing and sale of interior materials for the automotive, trains, and airplanes including fabrics for seats and doors, other interior materials etc.