“This joint venture is a vital step in restoring WestPoint Home as the industry’s low-cost vendor and advancing the Company in the global market,” said WPH Chief Executive Officer Joseph Pennacchio. “We have made this commitment after an extensive analysis of a wide range of opportunities. This joint venture will further strengthen our ability to compete with all domestic and international producers, while enhancing our long-established leadership in customer service and product quality.” . “The joint venture, to be known as Indus Home Ltd., will acquire and expand an existing modern Indus facility outside Lahore, Pakistan. The resulting complex will be a vertical towel production facility, including yarn preparation, weaving, finishing and fabrication. The facility is already supplying product to WPH and will ramp up production over the next several months .Towels produced at the Indus Home plant in Pakistan will include WPH’s full range of famous brands and licensed labels, as well as store brands made exclusively for customers by WPH .”For several years, WestPoint Home has purchased yarn from Indus Dyeing and Manufacturing, which has proved itself in reliability and product quality – two key factors in our decision to select Indus as a joint venture partner,” Mr. Pennacchio said .Irfan Ahmed, a director of Indus, added: “Both Indus and WestPoint are acknowledged textiles leaders and our combined experience and expertise will produce significant benefits and opportunities for future growth. We’re very pleased to be partnering with a company that’s been a significant part of the textile industry in America for almost 200 years..Source: inteletex.com
Date:4/3/2006
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