MALAYSIA: Hualon receivers put company up for sale
The receivers and managers at Malaysian textile firm Hualon are inviting interested parties to submit offers to buy the company by 3 August 2007.
The receivers, reported to be Ernst & Young, were appointed to Hualon on 30 November 2006, taking charge of its textile manufacturing plant in Malaysia.
Hualon, which has an annual turnover of US800m, exports to Bangladesh, China, Egypt, Hong Kong, India, Iran, Korea, Syria, Turkey, and Vietnam.
It said in a statement that receivers have continued to run the operations of the company with the support of the employees, local utility providers, local and worldwide customers and suppliers.
The company has a combined capacity to produce over 500,000MT of polyester and blended yarns, 30,000MT of nylon, 150,000MT of PET bottle grade chips and between 400-500m yards of fabrics annually.
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