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Argentine yarn maker to invest in capacity expansion

27
Jan '12
TN&Platex, Argentina's leading yarn manufacturer, has announced plans to invest over 120 million pesos (US$ 28 million) over the next two years in its existing units in the three provinces of Chaco, La Rioja and Tucumán.

TN&Platex's Director, Jorge Sorabilla, said the company will enlarge its yarn production capacity by 20 percent, generate 150 new employment opportunities, increase its exports by US$ 10 million and replace imports.

Minister for Industry, Debora Giorgi, said Argentina has a growing market that is protected from unfair competition, which makes it an ideal destination for textile entrepreneurs to invest.

She added that the textile industry in Argentina, which was on the verge of collapse a decade ago, has recovered and the production has grown nearly 150 percent in the last eight years.

The company said the new investment will be utilized for buying machinery for partial upgradation of its plants and for developing new cotton yarns to substitute for imports.

This will include setting up of 100,000 spindles in various units of the company.

In the first stage, to be carried out this year, 54,000 spindles will be installed in three plants located in the provinces of La Rioja and Tucumán.

Next year, TN&Platex will set up another 46,000 spindles in its remaining combing and carding plants in the provinces of Chaco, Tucumán and La Rioja.

Fibre2fashion News Desk - India


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