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BAHRAIN: WestPoint Home completes purchase of mills from Manama Textiles
MANAMA: US bedding firm WestPoint Home has completed its purchase of mills in Askar from Manama Textiles; TradeArabia reported here on December 23.
WestPoint Home CEO Joe Pennacchio described the Bahrain facility as a fully vertical operation with state-of-the-art equipment capable of producing a full range of bedding products.
Manama Textiles will operate through its Sitra facility, targeting the denim market.
According to agreement, three Manama Textile plants are going to be sold that deal in production of bedsheets.
This sale is direct reaction of Bahrain's Free Trade Agreement (FTA) with the US. Both the companies have agreed on price and agreement will be signed soon. Plants, which are going to be sold are all located in Askar.
End product of all these plants is bedsheets and Westpoint has strong market base than Manama textiles. Due to FTA, Westpoint will be able to export the products to US without paying duties.
Manama Textiles plans to reinvest sales proceeds for the expansion of its denim market.
The Bahrain company shifts its focus to denim textiles. The sale is a direct result of Bahrain's Free Trade Agreement (FTA) with the US, which enables company to export to the US without paying tariffs.
Manama Textiles chief operating officer Mehtab Ahmed Malik said that the two companies have agreed on a price. The plants being sold are all located in Askar and include one including two spinning mills producing 1,300 metric tonnes of yarn a month, another with a weaving mill producing three million metres of fabric and a third with a dyeing, printing, cutting and sewing facilities able to produce three million metres a month.
The end product of all three plants is bedsheets, which Mr Malik says that Westpoint Home has a competitive advantage in.
The company exports denim to Europe, Turkey and Bangladesh. It is used for some of the world's top brands including Levi's, Next and Gap.
Added: December 25, 2006 (2862 days ago) Source: Agencies
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