Looking to expand its sourcing clout, Luen Thai Holdings Ltd. has acquired Ocean Sky Global (S) Pte. Ltd. for $55 million in cash.
The Ocean Sky Group is a global one-stop specialty manufacturer with supply chain management capabilities, and targets customers globally through production sites in Cambodia and Vietnam, and sourcing operations in Singapore and Hong Kong, Luen Thai noted. With a portfolio of clients that includes well-known international apparel companies, Ocean Sky Group had annual sales of $254 million last year, with a production of about 60 million garments and over 8,400 employees. The current management team of the Ocean Sky Group will be kept in place.
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