The accord provides for the formation of “Oriental Weavers and Miro Radici Group Textile”, with share capital of 12.5 million dollars (45% Miro Radici Group, 45% Oriental Weavers and 10% Ronile). .
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The new company development plan foresees, in the coming months, the opening of a factory in the Tenth region of Ramadam, about fifty kilometres from Cairo. Built on a surface area of 30,000 square metres, it will employ 600 and have 94 looms (about half of which are jacquard and supplied by the Itema Group, a Miro Radici Group company and a world leader in the textile engineering sector). .
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This new facility, situated within a “free zone” of 500,000 square meters, will have an initial capacity for 5,000 tons of terry cloth produced annually with a turnover close to thirty million dollars and with the objective of tripling the output over the next three years to arrive at 15,000 tons of fabric for a turnover figure of almost 90 million dollars. .
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The finished terry cloth (made using top quality Egyptian cotton, one of the world most valued) will be primarily destined for linens (bathrobes, towels for bathroom and kitchen, beach towels). For the medium term, moreover, Oriental Weavers and Miro Radici Group Textile intends to expand its production to other goods, broadening the supply to encompass all the home textile sectors. .
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Besides the United States, the output will also be exported to the European market: «Thanks to this accord with Oriental Weavers – affirms Nicola Radici, sole director of Europeyarn (a Miro Radici Group company that is the main European producer of semi-combed yarns) – we shall attain high standards of efficiency and efficacy on the European market, with a definite lowering of production costs and optimisation of the logistical processes that will allow us to supply our European markets in just three days, compared to the thirty days needed for importing from the Far East». .
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Source: Italian Home News
Date:11/28/2004
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