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Courtaulds Textiles

Courtaulds Textiles has sold Christy, the Cheshire-based towels business, to management for £15m.

Courtaulds Textiles is to be acquired by Sara Lee of the US for £150m plus debt, which will double the size of Sara Lee's European clothing business.

Courtaulds Textiles is to sell its Standfast and Weavestyle furnishings operations to Walker Greenbank for £9m, and is now looking to sell Zorbit nursery products and Christy towels.

Courtaulds Textiles is planning to acquire Claremont Garments for £10m, and claims the deal will make it the leading supplier to Marks & Spencer.