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Pan Brothers to allocate US$10mn for new garment units
29
Nov '11
Indonesia's leading garment manufacturer, Pan Brothers Tbk, has decided to spend US$ 10 million in capital expenditure next year to fund development of two new garment units that are scheduled to commence operations in April and August 2012.

As revealed by the company, the expansion plans would be funded from its internal funds. The preliminary funding of US$ 10 million is intended to be used towards construction of the supporting structures of the new facilities and for purchasing 4600 new machines to boost the production capacity.

The two new facilities form a part of the four garment factories constructed by the company in Central Java's Boyolali this year, while incurring an expenditure of US$ 33 million. The remaining two facilities have already commenced operations, but are operating only at 40 percent of their capacity at present.

The two new units which are likely to generate 2,500 employment opportunities would engage in garment manufacturing for international brands like Adidas, The North Face and Nike. Backed by such expansion, the company aims to enhance its overall sales turnover by 40 percent, from present US$ 250 million to US$ 325 million next year and to US$ 500 million by 2015.

Pan Brothers recorded a net profit of IDR 63.8 billion (US$ 7 million) during the first three quarters of the current year, which is a 112.69 percent rise over last year's corresponding period's profit of IDR 30.02 billion.

Fibre2fashion News Desk - India

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