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Pioneer Embroideries to buy Korean plant
CHENNAI: Pioneer Embroideries has finalised plans to acquire complete manufacturing facilities of a South Korean company for $3 million. The company is a player in embroidery, fabric and laces segment. The machinery, which is to arrive at Mumbai port soon, will be installed at PEL's existing facility at Naroli. Trial production is scheduled for end-May. The company will also acquire a design library of over 12,000 designs as part of this acquisition deal.
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