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Super Spinning may discontinue operations at Super 'D' Unit

08
Jul '10
Super Spinning Mills Ltd in anticipation of the early sale of the undertakings of the Company in Super "D" Unit, Udumalpet and the Garments Unit at Thekkalur and Netaji Apparel Park, Tirupur, necessary approvals for which have been obtained from the shareholders by postal ballot on May 25, 2009, and with a view to minimise the erosion in margins caused by the high operating expenditures incurred in the said units, the Company has decided to discontinue the operations at the said units from July 07, 2010 and redeploy surplus personnel and certain machinery to other units.

Both Units together contribute around 6 per cent of the turnover of the Company, which could be correspondingly impacted. However, it is expected that these measures would yield improvements in the operating margins.

The Company is presently engaged in negotiations for the sale of the above undertakings with various parties and expects to conclude the same at the earliest.

Super Spinning Mills Ltd


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