Home / Knowledge / News / Textiles / Australian Namoi in JV with China state cotton firm
Australian Namoi in JV with China state cotton firm
04
Nov '11
Australia's Namoi Cotton Co-operative Ltd has entered into a 50-50 joint venture with China National Cotton Group Corp (CNCGC), a China state cotton firm, which will help the Australian firm market its produce across the globe through 2012-2017.

Namoi, Australia's leading cotton processor, has registered loss this year in spite of the country witnessing record cotton production and high prices of fibre.

The current deal is expected to improve the balance sheet of the Australian cotton processor and place it in a better position to compete with other leading companies in the global cotton trade.

The Australian firm registered a net loss of US$ 58.5 million during the six months ended August 31, 2011, which it attributed to unparalleled volatility in cotton prices and increased cost of borrowings.

The Australian firm recorded loss in spite of the country producing a historic four million bales (4.4 bales = 1 ton) of cotton during the current year.

As against last year's 33 percent, the firm this year ginned about 31 percent of the overall production. However, owing to competition from overseas firms operating in Australia, its marketing volumes experienced a major fall and went below 24 percent from last year's 33 percent.

The Namoi-CNCGC joint venture would afford the world's leading cotton buyers with a direct access opportunity to one of the world's leading cotton exporting nations.

Australia is the world's third largest exporter of cotton. The textile industry of China, on the other hand, happens to be the leading importer of cotton across the globe and imports around one-third of the globally traded cotton.

Fibre2fashion News Desk - India

Must ReadView All

Apparel/Garments | On 23rd Feb 2017

Pakistan invites Chinese firms to invest in Apparel Park

At a road show to set up the Quaid-e-Azam Apparel Park, Pakistan's...

Information Technology | On 23rd Feb 2017

Lectra unveils supply chain programme for fashion industry

Lectra, the world leader in integrated technology solutions dedicated ...

Textiles | On 23rd Feb 2017

Gujarat govt announces Rs 1,000 cr package for MSMEs

In its state budget for 2017-18, the Gujarat government has announced ...

Interviews View All

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search