Ecofibre, backed by former AFR Rich ListerBarry Lambert, has made its first acquisition after snapping up its US manufacturing partner to accelerate the development of its Black Hemp textile products.
Ecofibre has paid $US42 million ($59 million) to buy TexInnovate, a portfolio of five businesses that work as an integrated manufacturing platform. Its Hemp Black textiles business is pivoting from making athleisure wear to PPE in response to US demand.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
