BAHRAIN: WestPoint Home to purchase home textile assets of Manama Textile Mills

NEW YORK: WestPoint Home has signed a letter of intent to purchase all of the home textile assets of Manama Textile Mills in Bahrain; WestPoint Home CEO Joseph Pennacchio said here on August 2.

He said "Manama Textile Mills has developed a world-class bedding operation that is completely vertical, with state of the art equipment, and is currently an important supplier to WestPoint Home. We are delighted that we will be moving forward with Hamid Nishat and have the opportunity to continue to build upon the outstanding operation that he has established.

"Bahrain has a stable economic and political environment and provides a low-cost platform that will allow us to compete anywhere in the world. The free-trade agreement between the U.S. and Bahrain, which eliminates duties on textile products produced in Bahrain, is an additional benefit of this acquisition," Pennacchio noted.

Hamid Nishat, CEO of Manama Textile Mills, said: "We have an excellent relationship with WestPoint Home and I am pleased to have reached this letter of intent with a company of their caliber for our home textile operations. We have made significant investments over the past few years and are proud of the operation that has been created. I am looking forward to being able to focus my energies on the continued development and expansion of our denim business."

Pennacchio added that the prospective acquisition of these facilities will be another significant step in our plans to establish their own production capabilities overseas and they were also happy to report that our towel production in Lahore, Pakistan is scheduled to be operating at full capacity in the first half of 2007.


Send your News/Releases for publication to [email protected]
Added: August 3, 2006 Source: Agencies
Start script - 1527375767.8268 Start news id check - 1527375767.8269 After news id check - 1527375767.8272 After cookie_code - 1527375769.1656 Before news detail - 1527375769.1656 After news detail - 1527375769.1662 Start cat select - 1527375769.1662 After cat select - 1527375769.1664 before preg replace - 1527375769.1665 After preg replace - 1527375769.1665 Before tag engine - 1527375769.1665 After tag engine - 1527375769.1741 Before mptt engine - 1527375769.1741 After mptt engine - 1527375769.1741 Before related engine - 1527375769.1741 After related engine - 1527375769.1786 Before update hits - 1527375769.1787 After update hits - 1527375769.1788 After update news_hits - 1527375769.1805 After mem_only_views - 1527375769.1806 -------------------------------------------------- Total Exec time:- 1.3537998199463
AddThis Social Bookmark Button   Tell a friendBookmark AddThis Feed Button
Related News:

Website design by InWiz • © - 2000-2018. Internet Wizards All rights reserved. About usTerms & ConditionsDisclaimerPrivacy policy • 26-05-2018