Georgia-based West Point, the US's premier manufacturer and marketer of bed and bath home fashions, is buying out three of the four units of Bahrain's Manama Textile Mills units in Askar.
This friendly acquisition will be followed by an investment worth $200 million over the next few years in Bahrain, which provides a cheap and highly skilled labour force and a very competitive business environment.
Inspite of the acquisition, the existing deals, which Manama Textiles have with the sellers of cotton in West Africa and polyester in India, would continue.
Making the most of the Free Trade Agreement, the company has also plans to increase production from the current 30 million linear yards to 60 million linear yards in addition to increasing the turnover from $100m to $200m.
The company, which has already started the process of getting machinery from the US to Bahrain for the expansion, will also set up a new 18,000 square metre building next to the existing plants.
The Manama Textile Mills with 350 Bahrainis in its fold of 1,500 employees will shortly have 650 Bahrainis in the increased workforce of 3,000.
20240830145952.gif)
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
