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Textile biggies pulling down shutters
01
Dec '08
Turkey which is one of the leading textile and garment exporters in the world and which also has a well entrenched sector has also started feeling the heat of the meltdown across the globe.

Tekerekoglu Tekstil, the world's third largest home textile manufacturer has suspended production, arising from the global crisis. The company which had accumulated around US $42 million in debt has sold off two of its five production units to retire its loans.

An estimated 1,800 workers are expected to have lost their jobs since production was suspended in all the five production units. Tekerekoglu Tekstil was set up in 1975 and ships home textiles to around fifty countries across the globe.

Earlier, Sonmez Filament which is considered one of the giants in the sector had also halted production, while Edip Iplik declared its intent to shut down from December 31. As the situation worsens textile companies are tightening their seat belts.

Companies are trying in earnest to cut production costs while some are operating below full capacities while others who are not able to stand up to the crisis are simply shutting down their plants. This action is bringing large scale unemployment in the country.

The textile sector is the largest employment generator in the country and accounts for 25 percent of all exports from the country and contributes nearly 11 percent to the GDP of the country.

Fibre2fashion News Desk - India

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