Speaking to the media, Sugito Budiono, administration director of Tifico, said the investment will be mainly utilized to set up new machinery and improve the company’s production. The company will invest about US$ 1 million for better infrastructure, he added.

This year, Tifico plans to focus on better performance at a time when there will be increase in the cost of production, raw materials, energy sources and workers’ salaries.

The company hopes to expand its market share in the global market in the near future, Mr. Budiono said.

Tifico, established in 1973, produces polyester chips, staple fiber and filament yarn. The company sells most of its products in the domestic market, while 20 percent of the products are exported.

In the Indonesian polyester market, Tifico holds a market share of about 20 percent.

In 2012, Tifico recorded production of 133,000 tons of polyester staple fiber and 65,000 tons of polyester filament yarn.

Polyester is a man-made fibre which is widely used as a raw material in textile industries to bring variation in the properties of the fabric material.

Fibre2fashion News Desk - India