Glen Raven, a leading provider of innovative textiles and performance solutions, announced today it has reached an agreement to sell its Strata geosynthetics products and related construction business to Hella Infra Market Private Limited (“Infra.Market”), an India-based B2B online procurement marketplace for construction materials.
This sale represents the next step in executing Glen Raven’s long-term global investment strategy in support of its key brands. “This move enables us to focus on expanding our leadership in Glen Raven’s core markets and extending our brands into new spaces,” said Leib Oehmig, CEO of Glen Raven.
Strata was acquired by Glen Raven as part of a larger acquisition in 2007 and has expanded into a global presence in partnership with India-based Strata Geosystems India Pvt. Ltd. Today, Strata is known globally as a full-service solution provider for the construction industry.
“We are proud of the tremendous success of Strata as part of Glen Raven and the work of the outstanding team that supports the business,” said Oehmig. “Aligning the business with a construction-centric organization positions Strata and its associates for continued growth and success.”
The transaction is not expected to result in any job eliminations and Strata’s global business operations are expected to continue without interruptions. The company is not disclosing the financial terms of the agreement.