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WestPoint signs letter of intent to buy assets of Manama Textile Mills
02 Aug '06
2 min read
WestPoint Home announced that the company has signed a letter of intent to purchase all of the home textile assets of Manama Textile Mills, located in Bahrain.
"Manama Textile Mills has developed a world-class bedding operation that is completely vertical, with state of the art equipment, and is currently an important supplier to WestPoint Home," said WestPoint Home CEO, Joseph Pennacchio.
"We are delighted that we will be moving forward with Hamid Nishat and have the opportunity to continue to build upon the outstanding operation that he has established.
"Bahrain has a stable economic and political environment and provides a low-cost platform that will allow us to compete anywhere in the world. The free-trade agreement between the US and Bahrain, which eliminates duties on textile products produced in Bahrain, is an additional benefit of this acquisition," Pennacchio noted.
Hamid Nishat, CEO of Manama Textile Mills, said, "We have an excellent relationship with WestPoint Home and I am pleased to have reached this letter of intent with a company of their caliber for our home textile operations. We have made significant investments over the past few years and are proud of the operation that has been created. I am looking forward to being able to focus my energies on the continued development and expansion of our denim business."
Pennacchio added, "The prospective acquisition of these facilities will be another significant step in our plans to establish our own production capabilities overseas. I am also happy to report that our towel production in Lahore, Pakistan is scheduled to be operating at full capacity in the first half of 2007."
"Manama Textile Mills has developed a world-class bedding operation that is completely vertical, with state of the art equipment, and is currently an important supplier to WestPoint Home," said WestPoint Home CEO, Joseph Pennacchio.
"We are delighted that we will be moving forward with Hamid Nishat and have the opportunity to continue to build upon the outstanding operation that he has established.
"Bahrain has a stable economic and political environment and provides a low-cost platform that will allow us to compete anywhere in the world. The free-trade agreement between the US and Bahrain, which eliminates duties on textile products produced in Bahrain, is an additional benefit of this acquisition," Pennacchio noted.
Hamid Nishat, CEO of Manama Textile Mills, said, "We have an excellent relationship with WestPoint Home and I am pleased to have reached this letter of intent with a company of their caliber for our home textile operations. We have made significant investments over the past few years and are proud of the operation that has been created. I am looking forward to being able to focus my energies on the continued development and expansion of our denim business."
Pennacchio added, "The prospective acquisition of these facilities will be another significant step in our plans to establish our own production capabilities overseas. I am also happy to report that our towel production in Lahore, Pakistan is scheduled to be operating at full capacity in the first half of 2007."
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