Sioen boosts RI presence

Sioen boosts RI presence

BRUSSELS (Reuters): Belgian textile company Sioen Industries NV said on Wednesday it bought a textile workshop in Indonesia for an undisclosed amount, expanding its textile division by 800 employees.

"The acquisition will help support the strong sales growth in Europe and fits in with Sioen Industries' strategy of being present in the Far East in production and sales and to further develop activities geographically," Sioen said in a statement.

The Jakarta-based workshop was bought from an unidentified local textile group.

Sioen, a world leader in coating textiles with sales of 4.3 billion Belgian francs in 1997, has been present in Indonesia since 1996 and already employs 500 people in the country, the company said.

Shares in Sioen fell 400 francs to 12,300 francs on the Brussels exchange on Wednesday. The company is present in five countries.

Half-year results are expected on September 16.