Home / Knowledge / News / Textiles / Mill shuts down and agrees to pay severance package
Mill shuts down and agrees to pay severance package
08
Apr '08
Ramatex Berhad, a Textile Company owned by Ma family of Malaysia, manufacturing apparel for companies like Adidas, Nike etc, has closed down its textile unit it had started in Namibia in 2002.

The government had provided for land and a built up factory building. The company had also managed to get subsidized power and water and a 99-year tax exemption on land use from the government.

It was an effort by the government to attract foreign investors willing to take advantage of the United State's African Growth Opportunity Act (AGOA) of 2000, which offers African countries easier access to US as well as other benefits and in turn benefit local economy.

The company had set up operations to take advantage of the AGOA, but with passage of time AGOA and other similar policies have been reviewed or expired.

The company attributes closing down of operations to financial losses. Ramatex has agreed to pay retrenched workers two months wages in addition to medical aid and outstanding leave.

Must ReadView All

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Apparel/Garments | On 25th Mar 2017

Net sales at Christopher & Banks fall 10% in Q4

Net sales totalled $85.0 million for the fourth quarter ended January ...

Courtesy: Li & Fung

Textiles | On 24th Mar 2017

Li & Fung forms new supply chain partnership with PVH Corp

Li & Fung Limited, the world's leader in consumer goods design,...

Interviews View All

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Karan Arora
Karan Arora

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

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

news category


Related Categories:
March 2017

March 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