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December 11, 2008
IDC gives Sheraton Textiles a lifeline
Durban - The Industrial Development Corporation (IDC) yesterday took over Sheraton Textiles, formerly known as WM Eachus, a struggling household textile manufacturer. The move, unconditionally approved by the competition tribunal yesterday, will protect 500 jobs.
The IDC will inject R28.5 million, which will go towards reducing the company's debt. It now owns 80 percent of the company and did not pay for the shares. The rest of the shares are owned by management, which will be retained.
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Posted by StaffWriter at December 11, 2008 10:16 AM
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