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INVL-backed PET Baltija acquires TESIL Fibres

INVL-backed PET Baltija, one of the largest PolyEthylene Terephthalate (PET) recyclers in Northern Europe, has completed the acquisition of 100% of TESIL Fibres, a leading Czech fibre producer.

The acquisition of the SILON spin-off is set to increase PET Baltija’s annual turnover by more than 50% and ensure the production of higher value-added products by the company.

TESIL Fibres is the Czech Republic’s largest producer of PET fibre with 150 employees and an annual capacity of 33,000 tonnes, reaching revenues of €27 million last year. Known for its high production quality standards, the company acts as a primary fibre supplier in the European market for the automotive, hygiene, textile and furniture segments.

The financing for the transaction, which marks one of the largest investments made by Latvian companies in the Czech Republic to date, was provided by Luminor Bank, the third largest provider of financial services in the Baltic States.

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