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Investment company Hellaby Holdings is selling Levana Textiles to Melbourne-based The Merino Company as part of a strategy to exit non-core businesses.
Levin-based Levana Textiles makes fabrics for garment manufacturers in New Zealand, Australia and other countries. The price and other details of the sale were confidential.
"The decision to sell the business is in line with Hellaby's recently announced strategy of retaining and building on investments in more clearly defined portfolio groupings," chief executive John Williamson said.
Hellaby, whose assets include materials handling, industrial and retail businesses in New Zealand, sank to a $9.8 million net loss last year from a $23 million profit the previous year.
The company has not ruled out selling loss-making retailer BBQ Factory, and has tried to sell its shoe retailing arm, which includes No 1 Shoe Warehouse and Hannahs.
