As of May 1st 2020, Tam Hangers, who is one of the well-known hanger manufacturing companies in the industry, acquired the global rights of Braiform Group. We are extremely happy and excited to announce this acquisition to our customers and partners.
We would like to briefly mention about Tam Hangers for our new customers. Tam Hangers is a hanger manufacturing and reuse company serving multinational retail brands and their garment manufacturers since 1972. Tam Hangers has the largest hanger production and reuse facility in Europe. We come with the capability to develop and allocate the resources to support growth through global supply coverage and in-house R&D, tool building and state of art manufacturing. Tam Hangers currently has a global production and reusing capacity of 2 billion hangers per annum which is continuing to grow as we expand globally.
As an integral part of the retail industry we are acutely aware of the impact COVID-19 has had in our sector, and are working hard to make sure we bring the necessary solutions and services required for the retail industry to rebuild together post COVID-19. We believe the key to this joint success will be built on supplier choice, seamless solutions, and competitiveness in the space and with this approach we decided to execute this acquisition.