The largest hosiery maker in Romania, Adesgo, is said to have sold its business to a real estate developer. Sources from the market said the textile company would move whatever it has left of its production to Ukraine.

Romanian textile factories are closing in order to make room for real estate developments. Last year, the only terry towel maker Frottierex was acquired by the Turkish group Caba, not for its production capacity but for its land. An 600-apartment project will be built on the former industrial platform. This year, another textile giant gives up: the largest hosiery manufacturer in the country – Adesgo. According to sources, the company was sold to a real estate developer which plans to expand its existing project located in the proximity of Adesgo’s factory.

Founded in the 1920′, Adesgo has increased its capacity to reach 1 mill. pairs of tights a month, plus 600,000 seamless underwear or bras. The company used to produce its own brand, Diamond by Adesgo, and for large international retailers such as Tesco, Cacharel, Intersport and Spanks.

Photo credit: Brooke Cagle on Unsplash