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Benetton buys Nis textile company Nitex
Jun '11
Minister of Economy and Regional Development Nebojsa Ciric and Chief Executive Officer of Benetton Group Biagio Chiarolanza signed the contract on the purchase of Nis textile company Nitex.

The signing of the agreement was attended by Serbian President Boris Tadic and Director of Benetton Group Luciano Benetton.

Tadic said on this occasion that better days and new investments are ahead of Serbia, noting that Serbian textile workers have a great experience and that Serbia is a country in which investors in textile industry can generate profit.

By signing the agreement, this Italian company becomes Serbian as well, and this investment will create new jobs in Serbia and improve citizens' standard of living, Tadic said.

The Serbian President said that a joint session of the Serbian and Italian governments will be held within next few weeks as part of the strategic partnership of the two countries.

Ciric said that the opening of the Benetton factory in Nis marks a new beginning for the Serbian textile industry, adding that this has been achieved through joint engagement of the government and the local authorities.

Chiarolanza stated that over the next several years, Benetton will create a new centre of the Serbian textile industry in Nis, announcing that the company will build a complex of new factories.

Luciano Benetton observed that the company plans to create between 2,800 and 3,000 new jobs and invest around €50 million.

Benetton bought Nitex in May for a little over €3 million.

On 31 January, representatives of the Serbian government and the City of Nis signed an agreement with Benetton representatives about the rights and obligations regarding the company's investment in Nis.

Benetton manufactures over 150 million clothing items a year and has a retail network of around 6,000 stores. Its annual turnover exceeds €2 billion.

This is a family business, founded in 1965 which today operates in 120 countries worldwide.

Government of the Republic of Serbia

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