USA: Galey & Lord Announces Denim Joint Venture In Mexico
Plans are to quickly increase the capacity of the two year old manufacturing facility to approximately 20 million yards annually. "We are very excited about the joint venture," said John Heldrich, president of Swift Denim. "Our partnership" in a fully operational facility that is modern and "state of the art" gives us instant entry into Mexican denim manufacturing. The facility is fully operational thereby avoiding the normal 1-2 year start up period. We are fortunate to be joining with Grupo Dioral and look forward to a long-term relationship with our new partners."
This further positions Swift Denim as the premiere global resource serving the Americas with manufacturing facilities in the United States, Canada, and Mexico. The company also has manufacturing facilities in Tunisia serving Europe, as well as the Philippines serving the Far East.
The transaction is subject to customary closing conditions and is scheduled to be completed around Mid-July.
Galey & Lord is a leading global manufacturer of textiles for sportswear, including cotton casuals, denim and corduroy, as well as a major international manufacturer of workwear fabrics. In order to offer sportswear customers a complete package of fabrics and garments from one source, the company provides garment manufacturing from its owned and operated garment facilities. The company also is a manufacturer of dyed and printed fabrics for use in home fashions.
This press release contains statements which constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Those statements include statements regarding the intent, belief of current expectations of the Company and its management team. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements. Such risks and uncertainties include, among other things, competitive and economic factors in the textile, apparel and home furnishings markets, raw materials and other costs, weather-related delays, general economic conditions and other risks and uncertainties that may be detailed, from time-to time, in Galey & Lord's reports filed with the Securities and Exchange Commission.
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