Tainan Spinning Co Ltd, the Taiwan based Textile Company which has invested in a dyeing & finishing plant located in South Vietnam, is scouting for buyers and investors who would be willing to buy its stake in the company.
Since the unfolding of the economic crisis, Tainan Spinning has been facing a lot of operational problems related to its plant in South Vietnam, leading to heavy losses which have now become un-sustainable.
Even before the economic crisis arrived on the scene, the company had been incurring losses for the last few years, with annual losses reaching an estimated 30 million NT Yuan, which were more of operational losses.
The company points out that since weaving & dyeing are not core businesses of the company it is exiting from the same and will continue to run the spinning portion of the company, which is running profitably.
Fibre2fashion News Desk - China
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