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Tefron in discussions to establish a JV in Egypt
16 Jun '09
1 min read
Tefron Ltd., a leading producer of seamless intimate apparel and engineered-for-performance (EFPTM) active wear, announced that it is currently in advanced negotiations with a number of third parties to establish a joint venture in Egypt to manufacture products on behalf of the Company's customers.
The JV would be established through an Egyptian company ("Tefron Egypt") in which the Company will hold a 50% interest and the remaining interests would be held by three other partners.
Under the proposed arrangement, Tefron would transfer to Tefron Egypt equipment with a value of approximately US $1 million and the other partners would invest in Tefron Egypt approximately US $1 million in cash that would be used for investments and working capital required to commence the activities of Tefron Egypt. In addition, Tefron Egypt would acquire additional services from the company.
It should be emphasized that there is no guarantee that the JV will be established or that the negotiations among the parties will lead to a binding agreement for the establishment of the JV.
The JV would be established through an Egyptian company ("Tefron Egypt") in which the Company will hold a 50% interest and the remaining interests would be held by three other partners.
Under the proposed arrangement, Tefron would transfer to Tefron Egypt equipment with a value of approximately US $1 million and the other partners would invest in Tefron Egypt approximately US $1 million in cash that would be used for investments and working capital required to commence the activities of Tefron Egypt. In addition, Tefron Egypt would acquire additional services from the company.
It should be emphasized that there is no guarantee that the JV will be established or that the negotiations among the parties will lead to a binding agreement for the establishment of the JV.
Tefron Ltd
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Christian Guinet
French Textile Equipment Manufacturers’ Association (UCMTF)
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