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Westpoint to own three Manama textile plants
08 Dec '06
1 min read
Westpoint Home Inc is going to enter into agreement with Manama Textile Mills as the Bahrain Company plans to focus on denim textiles.
According to agreement, three Manama Textile plants are going to be sold that deal in production of bedsheets.
This sale is direct reaction of Bahrain's Free Trade Agreement (FTA) with the US. Both the companies have agreed on price and agreement will be signed soon. Plants, which are going to be sold are all located in Askar.
End product of all these plants is bedsheets and Westpoint has strong market base than Manama textiles. Due to FTA, Westpoint will be able to export the products to US without paying duties.
Manama Textiles plans to reinvest sales proceeds for the expansion of its denim market.
According to agreement, three Manama Textile plants are going to be sold that deal in production of bedsheets.
This sale is direct reaction of Bahrain's Free Trade Agreement (FTA) with the US. Both the companies have agreed on price and agreement will be signed soon. Plants, which are going to be sold are all located in Askar.
End product of all these plants is bedsheets and Westpoint has strong market base than Manama textiles. Due to FTA, Westpoint will be able to export the products to US without paying duties.
Manama Textiles plans to reinvest sales proceeds for the expansion of its denim market.
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