Home / Knowledge / News / Textiles / Honduran firm acquires Nicaragua's free zone denim mills
Honduran firm acquires Nicaragua's free zone denim mills
Oct '13
L-R: Mr. Alvaro, Mr. Yusuf, Mr. Rivas/La Prensa
L-R: Mr. Alvaro, Mr. Yusuf, Mr. Rivas/La Prensa
Nicaragua’s Cone Denim mill, located in the free trade zone of the country, has been acquired by Honduran based textile firm Grupo Karim with financial help of US$ 20 million from the country’s Bank of Production (Banpro Promercia), and would be restarting operations from November 1, 2013.
The Honduran textile firm would take charge of the denim mills, now called Pride Denim Mills, which will create around 600 direct jobs initially, and up to 3,000 jobs when operating at full capacity.
Luis Rivas, general manager of Banpro Promercia, said Banpro is providing a bridge loan of US$ 20 million via the National Free Zones Corporation (CNFZ), for the purchase of the assets of the company, and would give them to the operator on sales, which in this case is Grupo Karim, reports La Prensa.
Amdani Yusuf, president of Grupo Karim's in Central America, said that initially the denim mills would be providing employment to over 600 people and within two to three years would create 2,000 to 3,000 new jobs.
The production process should begin by January, 2014, and the mills are expected to produce about 28 million yards of denim annually, he added.
General Alvaro Baltodano, technical secretary of the CNFZ, said the Honduran based textile group is very diversified having different investments in various countries and the CNFZ had been working towards this process of acquirement with the group for a long time.
The textile group would be investing a total of around US$ 30-35 million to restart productions in the denim mills, he added.
The Cone Denim mills had ceased operations in 2009, due to decrease in orders from the US, which was its main buyer, owing to the financial crisis during the time. The company employed 800 people directly at the time.
Grupo Karim is a leading textile firm, having its headquarters in Honduras, and operating in countries such as Mexico, Guatemala and the US.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 19th Jan 2017

Pakistan imposes duty on Indian fine cotton yarn

A provisional countervailing duty ranging from Rs 26.89 to Rs 55.8 a...

Textiles | On 19th Jan 2017

Union Budget: Textile sector expects excise duty revisions

Excise duty on man-made fibres should be reduced to bring it on par...

Union textiles minister Smriti Irani at the inauguration of IIGF in New Delhi with textiles secretary Rashmi Verma and other dignitaries. Courtesy: PIB

Apparel/Garments | On 19th Jan 2017

Ministry to reimburse apparel exporters for state levies

The textile ministry has received a sum of Rs 500 crore from the...

Interviews View All

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Eamonn Tighe
Nature Works LLC

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

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Yash P. Kotak
Bombay Hemp Company

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

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Judy Frater
Somaiya Kala Vidya

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

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

January 2017

January 2017

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


Browse Our Archives


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