PremDurai Exports acquires majority stake in Swiss-based Switcher Holdings

(I-Newswire) July 29, 2010 - PremDurai Exports acquires majority stake in Swiss-based Switcher Holdings

Coimbatore, July 28th 2010: In yet another cross-border acquisition, Tirupur-based PremDurai Exports Private Limited, the export division of PGC Industries & Group, has acquired controlling stakes in the Swiss leisurewear brand Switcher Holdings which is famous for its brands such as Switcher, Respect and Whale.

The acquisition provides PGC with a strong presence in Europe, Germany, Switzerland and Austrian markets while Switcher Group would benefit from lower costs across various segments such as warehousing, IT, logistics, product design and development.

D. Prem, Chairman PGC Industries & Group said, “The transaction will enhance the top line of PGC Group to about Rs 640 crore. We have been a manufacturer for switcher global for more than 2 decades and we felt it is the right time for us to make a move to acquire stakes in Switcher Global.”

Aadith D Vikram, Vice-Chairman and Managing Director of PGC Industries & Group said, “Switcher is a leading textile player in Europe with operations in Germany, France, Austria, Portugal and other European countries. This acquisition not only enhances our presence in Europe but also increases our client base substantially.”

PGC Group employs close to 8,400 people across its group companies and has been achieving an average growth of 60% in the last three years. Switcher is manufactured in Portugal, Hong Kong, China and India. In India, Switcher has an exclusive manufacturing arrangement with Prem Durai Exports for the last 25 years and has been manufacturing more than 40 lakh pieces every year.

About PGC Group
PGC was founded in Nov 1983 by S.Duraiswamy. Today lead by D.Prem the Chairman and Aadith.D.Vikram the Vice Chairman and being backed by impeccable infrastructure, perfect products, people power, trusted counterparts and the conviction of our commitment to care, today PGC Group have found a niche at the forefront of Garment Manufacturing (Classic Spinning , PremDurai Spinning, PremDyeing Works , PremDurai Exports), Retailing (Switcher Group in Europe & India , T-Mart India, Respect India, BelInd Belgium) & IT Division (PGC Infotech, Panisms.in, whereismyboss.com).

About Switcher Group
Switcher has its presences in Switzerland, Germany, France, Austria, and Portugal and in other European countries. Being a Swiss brand, Switcher sells approximately 7 Million garments in Switzerland alone and has a brand recall of 92% population of Switzerland. In addition, it has more than 360 Stores & Corners in Retail and half the business comes from corporate textile solution where the brand is has a strong hold with over 1150 Corporate Clients .

For further details please visit www.pgcindustries.org or contact

Gopu Ramamoorthy
Blue Lotus Communications
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