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IIC to finance Cone Denim Nicaragua project
20 Dec '07
2 min read
Cone Denim Nicaragua (CDN), an affiliate of the International Textile Group Inc, located in Ciudad Sandino, Nicaragua announced that it has signed a USD $37 million 7 year amortizing term loan with the Inter-American Investment Corporation ("IIC") and four co-financing banks doing business in Nicaragua that include Banco de la Produccion, S.A., Banco de America Central, S.A, Banco de Credito Centroamericano, S.A. and Banco HSBC Nicaragua, S.A.
Gary Smith, Executive Vice President and CFO of ITG, commented, "We are excited about our partnership with the IIC and the Nicaraguan banks to finance the CDN project. We believe that the CDN project and the financing support within the region is the model for future investments in the region by other companies seeking to realize upon opportunities in Central America to competitively supply the U.S. market."
Matt Haynes, Vice President Denim Manufacturing -- Latin America, further commented, "We are also very excited about our Cone Denim Nicaragua facility and the value and capabilities it will provide to our customers in the Central American supply chain. Construction and start-up of the CDN facility are underway and we expect to be producing high-quality denim by the first quarter of 2008."
Located outside of Managua, Nicaragua, the new plant will be a vertical operation using state-of-the-art manufacturing equipment to process raw cotton through finished fabric. When fully operational, the plant will have aproduction capacity of around 28 million yards annually and will employ approximately 850 people.
Established in 1891, ITG Cone Denim has been a leading supplier of denim to top denim apparel brands for over 100 years. Known for its innovation, authenticity, quality and service, Cone Denim maintains operations in the United States, Mexico, Turkey and India, and has expansion initiatives underway in Central America and China to provide broader service and flexibility to customers worldwide.
Gary Smith, Executive Vice President and CFO of ITG, commented, "We are excited about our partnership with the IIC and the Nicaraguan banks to finance the CDN project. We believe that the CDN project and the financing support within the region is the model for future investments in the region by other companies seeking to realize upon opportunities in Central America to competitively supply the U.S. market."
Matt Haynes, Vice President Denim Manufacturing -- Latin America, further commented, "We are also very excited about our Cone Denim Nicaragua facility and the value and capabilities it will provide to our customers in the Central American supply chain. Construction and start-up of the CDN facility are underway and we expect to be producing high-quality denim by the first quarter of 2008."
Located outside of Managua, Nicaragua, the new plant will be a vertical operation using state-of-the-art manufacturing equipment to process raw cotton through finished fabric. When fully operational, the plant will have aproduction capacity of around 28 million yards annually and will employ approximately 850 people.
Established in 1891, ITG Cone Denim has been a leading supplier of denim to top denim apparel brands for over 100 years. Known for its innovation, authenticity, quality and service, Cone Denim maintains operations in the United States, Mexico, Turkey and India, and has expansion initiatives underway in Central America and China to provide broader service and flexibility to customers worldwide.
International Textile Group
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