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Textiles company Tefron Ltd. (Bulletin Board: TFRFF; TASE:TFR) is expanding its business in Asia. The company has announced the signing of a memorandum of understanding with Brandix of Sri Lanka to set up a joint company in the seamless market, which is estimated at $2 billion a year.
Tefron did not disclose financial details of the investment or the revenue potential of the company to be set up, but it does say that the plant will have 50 knitting machines. According to its financials, Tefron had 536 knitting machines in 2012.
Tefron says that Brandix is the largest exporter of clothing in Sri Lanka, manufacturing for leading international brands such as Gap and Marks & Spencer.
The final agreement will be signed within three months, and will be subject to approval by Tefron’s financing banks. “This is an excellent tie-up between industrial capacity on the one hand and technological leadership on the other, ” said Tefron CEO Gil Shimon.
Tefron is traded on the Tel Aviv Stock Exchange at a market cap of NIS 39 milion (US$ 11 million).
Published by www.globes-online.com