>>
Home / Knowledge / News / Apparel/Garments / Addchance's green plant for knitted sweaters well underway

Addchance's green plant for knitted sweaters well underway

17
Jul '12

Addchance Holdings Limited, a leading global textile manufacturer principally engaged in the production and sale of dyed yarn, knitted sweaters and cotton yarn; the provision of dyeing and knitting services; and the trading of cotton and yarns in Hong Kong, mainland China and Cambodia, announced that it has entered into an operation rights transfer agreement with an independent third party.

The Group has agreed to transfer the Operation Rights of its wholly owned PRC Subsidiary to the independent third party for an aggregate consideration of approximately HK$554 million. The PRC Subsidiary currently holds the land use rights of eight sites situated in Luoding City, Guangdong Province, China.

Upon the completion of the transaction, the Group will record a gain before tax of approximately HK$435 million. The proceeds will serve as working capital for the Group. The transaction will bring a positive financial gain, and will strengthen the Group's cash flow and financial position, put further focus and resources on the development of the Group's core business, and thus enhance the overall operating strength and profitability of the Group.

 The Group's Chairman Mr. Sung Kim Wa said, "The European debt crisis and slow recovery of the US economy, together with the fluctuation in raw material prices and the appreciation of the RMB, will continue to affect the operating environment and the landscape of the textile industry, which will remain challenging. However, we strive to maintain our cost advantages leveraging our stepped up efforts in improving operational efficiency and our supply chain management, as well as efforts to stabilize raw material costs. In addition, the Group will continue to focus on the production of mid-to-high end products, further expand domestic sales and the scale of production of sweaters, and enhance the sales contribution and market share of the China market."

The Group's environmentally friendly plant, which began construction in Cambodia last year, is being built in two phases to increase the Group's production capacity of knitted sweaters and to meet the growing demand from renowned European customers. The total investment cost of the environmentally friendly plant exceeds HK$100 million.

 The design of the newly-built plant aims to achieve energy efficiency and emissions reduction, and is the first environmentally friendly plant in Cambodia featuring the most advanced and comprehensive environmentally friendly production facilities, meeting the strict environmental protection standards and regulations of our European customers. The establishment of this green factory is well underway, and the Group expects to launch phase one to commence mass production in the second half of 2012. Upon the completion of the entire project, the overall annual production capacity of the Group's knitted sweaters will increase by 20%, which will further satisfy the demand from renowned European customers and enhance the Group's market share.


Must ReadView All

Pic: 123rf.com

Textiles | On 7th Jul 2022

Sri Lanka’s fabric imports drop in May, impact of economic crisis

Fabric imports by Sri Lanka declined in May 2022, compared to January ...

Pic: 123rf.com

Textiles | On 7th Jul 2022

Vietnam-South Korea to push bilateral trade to $150 bn by 2030

Aiming to give a big push to their bilateral trade, South Korean...

Pic: Shutterstock

Textiles | On 7th Jul 2022

ADB & UK to develop $134 mn fund for green financing in SE Asia

Asian Development Bank (ADB) and the government of the United Kingdom ...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Instagram & fashion will go a long way together

Textile Industry, Head honchos

Textile Industry
Head honchos

Delay in adopting water sustainability both financially & environmentally...

Vandana Narang, National Institute of Fashion Technology

Vandana Narang
National Institute of Fashion Technology

Campus placements are low due to lockdowns

Alissa Sandra Baier-Lentz & Billy McCall,

Alissa Sandra Baier-Lentz & Billy McCall

New York-based Kintra Fibers has developed a proprietary bio-based and...

G Tumbarello,

G Tumbarello

Lilly + Sid is an award-winning organic children's clothing company from...

J Vargas,

J Vargas

With a vision to be the world's top tier textile manufacturer, Badjatex...

Claudio Fracasso, FARÈ

Claudio Fracasso
FARÈ

Since 1970, Italy-based company FARÈ has been designing and manufacturing...

Asif Rahman, MIP

Asif Rahman
MIP

MIP is a manufacturer and distributor of high-performance textiles and...

Seth Casden, Hologenix

Seth Casden
Hologenix

Hologenix is a material sciences company dedicated to developing products...

Najla  & Cynthia Burt, Label - Dur Doux

Najla & Cynthia Burt
Label - Dur Doux

Renowned Washington DC based mother-daughter designer duo Najla and...

Andre Walker, Label - Andre Walker

Andre Walker
Label - Andre Walker

Andre Walker is a New York-based renowned designer, creative director,...

Ritu Kumar, Label - Ritu Kumar

Ritu Kumar
Label - Ritu Kumar

<b>Ritu Kumar</b> is the most respected designerwear brand in India...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments

ESTEEMED CLIENTS

Savio Macchine Tessili S.P.A.
International Textile Manufacturers Federation
Lenzing Aktiengesellschaft
TESCO INTERNATIONAL SOURCING LIMITED
Shanghai  Aige Exhibition Service Co., Ltd
ZAITEX spa
Karl Mayer Textilmaschinenfabrik GmbH
Infor (Hong Kong) Limited
SHAHI Exports Pvt Ltd
APLF Limited
BIMBA ;& LOLA SL
Palexpo SA
Sainsbury's Argos Asia Limited
Sportswear Company Spa
TEXVALLEY MARKET LIMITED
Indo Tex
Groz-Beckert KG
Nandan Denim Limited
Brückner Trockentechnik GmbH & Co. KG
Dow Silicones Corporation
Aleph Srl
Bluestem Global Sourcing Limited
Babyshop
Thai Acrylic Fibre Company Limited
Amazon China
CGS Inc.
Taiwan Textile Federation (TTF)
Equinox Impex India
N9 World Technologies Private Limited
Gokaldas Exports Limited
Mesdan SPA
Eastman Chemical Company
Flainox S.r.l.
GIOVANNI BOZZETTO S.p.A.
Messe Frankfurt Exhibition GmbH
Midas Clothing Limited
Haelixa AG
Performance Days
PVH Corporation
Coats Digital
Zydex Industries
EUROVET ASIA LTD
Colours India Inc
Restoque S.A.
BTSR International S.P.A.
Groz-Beckert East Asia LLP
FESPA (Reigate)
Vianney Textil Hogar S.A. De C.V.
Meera Dyestuff Industries
Benetton Group
TESTEX AG, Swiss Textile Testing Institute
SYNERGIES HONG KONG LIMITED
Recron Polyester from Reliance Industries Limited
Calvin Klein
COTTON COUNCIL INTERNATIONAL
Tommy Hilfiger
Lisa S.P.A.
UBM China (Shanghai)
IIGM Private Limited
Truetzschler India Private Limited
THE BOMBAY DYEING ;& MFG.CO. LTD
John Varvatos
J ;& P Coats
Hela Clothing Pvt Ltd
GHCL LIMITED
Phong Phu international JSC (PPJ)
Shima Seiki Mfg. Ltd.
Desigual - ABASIC, S.A.
Jiangsu Yingyang Nonwoven Machinery Company Limited
Lenzing Aktiengesellschaft - India
CSGIA(China Screen Printing & Graphic Imaging Association)
The LYCRA Company Singapore  Pte. Ltd
JES MEDIA, INC
Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)
Indofil Industries Limited - Specialty & Performance Chemicals Division
Gap International Sourcing Limited
HYOSUNG CORPORATION INDIA PRIVATE LIMITED
IFF Media Ag - International Media Services
Zünd Systemtechnik AG
Messe Duesseldorf
Gloria Jeans
Inter Expo Center Ltd.
Thai Trade Center
Sportmaster Ltd.
Kornit Digital Asia Pacific Ltd
Lifestyle
Color Service s.r.l.
Seasalt Limited
G.A.S. unternehmenskommunikation gmbh
BIRLA CENTURY A DIVISION OF CENTURY TEXTILES AND INDUSTRIES
Target Corporation (MN)
Lacoste (Wanchai)
Arvind Limited
X-Rite Asia Pacific Limited (HK)
Eurofins BLC Leather Technology Centre Ltd
TÜYAP IHTISAS FUARLARI A.S.
Alison Hayes Romania
Landmark Group
Lululemon Athletica Inc
SUZHOU TUE HI-TECH NONWOVEN MACHINERY CO.,LTD
Grasim Industries Limited
Applied DNA Sciences Inc
Tchibo GmbH
IDH – The Sustainable Trade Initiative
International Sourcing Expo Australia
Woolmark Services India Pvt. Ltd.
USTER
Thermore (Far East) Ltd.
Esprit Europe Services GmbH
Sateri (Jiujiang) Fiber Co.,Ltd
G-Star Raw C.V.
Italian Trade Commission
BIANCA
Rayonese Textile Inc., Division de Culp Inc.
Xtema - Thomas Lebherz Textilmaschinen
GERBER TECHNOLOGY LTD.
Datacolor AG Europe
Marzoli Machines Textile s.r.l.
Mayer & Cie. GmbH & Co. KG
Alix Partners
EPCH
Green Fibre
Rieter India Private Limited
Tuyap Tum Fuarcilik Yapim A.S.
Loris Bellini S.r.l.
DuPont de Nemours, Inc.,
Aramark Uniform ;& Career Apparel, LLC
H. Stoll AG & Company KG
DyStar India Pvt. Ltd
MAS Active / MAS Kreeda / MAS Bodyline
Pt. Peraga Nusantara Jaya Sakti
Gatsby Africa
EMBEE CORPORATION
Deckers Outdoor (Guangzhou) Consultant Co., LTD.
Lectra Technologies India Pvt Ltd.
ITMA Services Pte Ltd
The Top Form Brassiere Manufacturing Company Limited
J ;& P Coats
VNU Exhibitions Asia
OVS Hong Kong Sourcing Ltd.
Guess Europe Sagl,
Asos
Istanbul Fuarcilik A.S.
BTC Textiles LLC
Coats Digital Limited
KAS Direct Sourcing
Abit
IKEA of Sweden AB
Puma
Chori Company Limited
NV Michel Van de Wiele
Centric Software
Vardhman Textile Ltd
China World International Exhibition Company Limited
Page Industries Limited (Bangalore)
Permoda(Koaj/Armi/Pronto/Bkul)
Etam Group Strategy Hong Kong Limited
K AND D ITMACH EXPOSITIONS LLP
Comasia Limited
Decathlon
LC Waikiki
Cat Tuong Real Estate Group Joint Stock Company
Rosset ;& Cia Limited
FULGAR SpA
Tradewind International Servicing
Newtech Textile Technology Development (Shanghai) Company Limited
Stahl Holdings B.V.,
The LYCRA Company Singapore  Pte. Ltd
Weitmann & Konrad GmbH & Co. KG
Walmart
Boardriders Asia Sourcing Limited
Itema Weaving (India) Private Limited
Lottmann Communications
Saurer Textile Solutions Pvt. Ltd.
Bluesign Technologies Ag
NITI Aayog
KIABI
Nihalani Events Management
Aquarelle Clothing Limited
Recron Polyester from Reliance Industries Limited
Hirdaramani International Export Private Limited
Splash
Jindal Worldwide Limited
Chico’ FAS
H;&M Hennes ;& Mauritz (Far East) Ltd
Officina Meccanica Dora Enrico Srl
Reiter India Private Limited
Helly Hansen Far East Ltd
C;&A Sourcing International Ltd
Under Armour Global Sourcing Ltd
Tory Burch Hong Kong Ltd
Varner AS Retail
Brandix Lanka Limited
Kern – Liebers Textile
T.T. Limited
Datatex Consulting Srl
Huntsman (Singapore) Pte Ltd
BRINKMANN GMBH
Maceton Limited
Copenhagen Fashion Summit

July 2022

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search