Springs Global to relocate plant in China, 465 jobs to go by Feb 2007
30 Oct '06
1 min read
Textile Company Springs Global, one of the largest suppliers in sheets and towels worldwide, desires to build a plant in China for exporting the same to adjoining regions.
It has about 7-9 percent of world market share and believes it has further prospects for growth in Europe and Asia.
The family-owned company had begun in 1887, went private in 2001 and merged with Brazilian textile manufacturer Coteminas in a joint venture called Springs Global Participacoes S.A. Coteminas.
In 1973, it had employee strength of 205,100 but now the total employees have fallen below 39,000.
It had announced layoffs in past four months in response to an onslaught of low-cost imports. It has about 12,000 workers in Brazil and Argentina and is a key supplier to Springs in 2001.
It had earlier closed its Katherine and Frances plants in Chester County cutting 760 jobs.
Upon shifting of some of the plant's equipments of its Grace complex in Lancaster to Coteminas plants in Brazil, it has once more announced that it would lay off 465 of its 1,500 workers by February 2007.
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.")
