GHCL subsidiary Dan River Inc. signs $100 million contract with Starwood Hotels & Resorts Worldwide Inc

GHCL Ltd has announced that Dan River Inc. 100% subsidiary of the Company through its HW Baker Linen division has singed a multi-year $ 100 million contract with Starwood Hotels & Resorts Worldwide Inc. for supply and distribution of a variety of Home Textiles products.

This contract will be worth approximately $ 100 Mn. based on the average past annual supplies of 3 to 4 years. This contract would cater to North American properties of Starwood Hotels and Resorts with a potential to grow multi fold by supply to Starwoods global portfolio of hotels and resorts.

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with approximately 850 properties in more than 95 countries and 145,000 employees at its owned and managed properties.

Starwood® Hotels is a fully integrated owner, operator and franchisor of hotels and resorts with the internationally renowned brands like: St. Regis®, The Luxury Collection®, Sheraton®, Westin®, Four Points® by Sheraton, W®, Le Méridien® and the recently announced aloft(sm).

Baker Linen was a division of Best Manufacturing Group of USA which had subsequently been acquired by the Company for a consideration of US $ 35 million. Baker is a leading manufacturer and distributors of Home textiles with a strong presence in the institutional segment and certain related items for the hospitality & healthcare sector In USA.

Post acquisition of Best and Dan River, the Company has a presence across both the retailers and the institutional segment of the home textiles market in the USA.

Dan River has a strong presence in the Retailers Segment led by Walmart, K Mart, JC Penny etc, while Best along with Baker has a strong base of clients in the Institutional segment such as Starwood, Hilton, Four Seasons Hotels, etc.

Source : Equity Bulls

Keywords