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Parkdale acquires full stake in Mexico based Summit Yarns
29
Sep '14
Gastonia and US-based, Parkdale Mills has acquired the rest and in turn the whole stake in Summit Yarns, located in Mexico.

Since 1997, Parkdale Mills has had a 50% stake in Summit Yarns, which is a joint venture with the International Textile Group (ITG).

“Summit has been a key supplier to the Cone Denim Yecapixtla plant of ITG and will continue to supply yarn in future too”, a statement from Parkdale said.

“Our partnership with ITG has been robust and our partnership has strengthened as an outcome of the new agreement,” Dan Nation, President of Parkdale International, said.

Both the parties have not disclosed the financial terms of the agreement.

One of the biggest producers of spun yarns in the world, Parkdale has 29 manufacturing plants in the US, Central America, Mexico and South America.

Parkdale said it will also double capacity at Summit Yarns which employs around 350 people in two phases.

Phase one will entail adding open-end spinning capacity and the second phase will also see addition of state-of- the-art ring spinning facility. (AR)

Fibre2fashion News Desk - India

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