US based largest textile group International Textile Group Inc announced it will fabricate a state-of-the-art denim plant in the city of Jiaxing, Zhejiang Province, China.
The operation will be a joint venture partnership called Cone Denim (Jiaxing) Limited, 51% owned by a subsidiary of ITG (a WL Ross & Co. company) and 49% owned by a subsidiary of Novel Holdings Limited (owned by the Chou family).
Wilbur Ross, Chairman of ITG, commented, "This initiative for Cone Denim establishes another major global platform in continuation of the ITG strategy of aligning with its customers. Announcements with respect to new international initiatives on behalf of other ITG business units will be forthcoming."
The Cone Denim (Jiaxing) facility is expected to be operational by late 2006 and will have a production capacity of approximately 30 million yards annually. A vertical operation, the plant will be equipped with the most modern manufacturing equipment to process raw cotton through finished fabric.
"Cone Denim is known throughout the world as the leader in denim innovation and quality," said John L. Bakane, President and CEO Cone Denim. "The China operation will provide Cone Denim with a value-added denim platform to expand our global reach to service our customers with high quality, fashion denims wherever they are."
A groundbreaking ceremony for the new site will be held tomorrow, July 13. Former Minister of Commerce for China and currently the chairman of China's Foreign Investor's Federation Shi Guang Sheng will speak at the ceremony.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
