British tanner and leather goods manufacturer Pittards has acquired Ethiopia Tannery Share Company for a total £3.8m ($5.6 million).
The group is also planning to raise £2.8 million ($4.1 million) at 1.5p (2.2 cents) per share to pay for half the cost of the acquisition and additional working capital.
Pittards says ETSC has been operating profitably under the company's supervision since August 2005 and it intends to transfer more volume production there from its UK site in Yeovil, freeing up resources for more technologically advanced, higher value-added leathers.
