May 22, 2018 / 5:26 PM / a month ago

Czech group R2G buys nonwovens division from First Quality Enterprises -HN

PRAGUE, May 22 (Reuters) - Investment firm R2G, the majority owner of Czech artificial textile maker Pegas Nonwovens , is buying U.S.-based First Quality Enterprises’ nonwovens operations in the United States and China, Czech newspaper Hospodarske Noviny reported on Tuesday.

The newspaper estimated the price at up to $500 million. R2G could not immediately be reached for comment.

Its Chief Executive Michal Smrek told Hospodarske Noviny’s website that the deal would allow better cooperation with its global nonwovens customers.

R2G was started in 2016 by businessman Oldrich Slemr and holds funds of more than 1 billion euros ($1.18 billion).

$1 = 0.8492 euros Reporting by Jason Hovet; Editing by Adrian Croft

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