USA: Malden Mills To Set Up Operations In China
Textile maker and Polartec producer Malden Mills Industries Inc has revealed it plans to switch some of its production to China as it looks to emerge from Chapter 11 bankruptcy protection later this summer.
The Massachusetts-based company said in several corporate filings it will shift some of its Polartec operations to Shanghai from its Lawrence plant but added the move will not affect the domestic factory's 1,200 workers.
The firm expects to post a full year profit of $10 million on net sales of around $178m in fiscal 2004 beginning November 1 with those figures expected to grow to $14.3m and $184.5m, respectively, in fiscal 2005.
Malden Mills filed for Chapter 11 in late 2001 partly due to a devastating fire at its key plant in 1995 and falling sales.
Companies: Polartec LLC
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