Ecofibre acquires TexInnovate to accelerate commercialisation of Hemp Black
SYDNEY: Ecofibre Limited has completed the acquisition of TexInnovate, a portfolio of five businesses with deep technical expertise across a broad range of high-performance textile disciplines for a total consideration of $21 million comprising 50% in cash and 50% in shares , a news release said.
Ecofibre Chairman Barry Lambert said, “I congratulate our CEO Eric Wang and his team for completing the acquisition of such an important asset that will underpin the future growth and success of Hemp Black.”
“On behalf of the Board, I would like to welcome Jeff Bruner and his highly skilled team and look forward to their continued success as part of the Ecofibre family.”
Ecofibre CEO Eric Wang stated, “Hemp Black’s vision is to improve our global environment by embedding its sustainable technology in a wide range of industries, including high-performance apparel, personal protection, military, healthcare and travel.”
“This is a bold vision, but we have strong conviction that Hemp Black’s value proposition resonates across industries and geographies. Our initial focus will be on specific segments to ensure we deliver on shareholder commitments and grow responsibly.”
The combined business is well positioned to be a reliable, high quality supply chain partner for customers who place a high value on corporate responsibility and environmental sustainability.
Ecofibre is a provider of hemp products in the United States and Australia. In the United States, the Ananda Health is the #1 provider of hemp-derived CBD for retail pharmacies. The Company produces nutraceutical products for human and pet consumption, as well as topical creams and salves.
The Company also supplies its leading Ananda Hemp CBD products to Australians via the SAS B program. In Australia, the Company produces 100% Australian grown and processed hemp food products including protein powders, de-hulled hemp seed and hemp oil.
The Company is also developing innovative hemp-based products in textiles and composite materials in the United States.
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