Turkish denim manufacturing giant Taypa Tekstil, supplier to brands including Levi’s and Calvin Klein, is investing EUR35m (US$41.3m) in the opening of a ready-made garment factory in Serbia as part of plans to become one of the world’s top five producers of textile and RMG.
The investment, over the next five years, was confirmed at the recent signing of a Goodwill Agreement between Serbian Economy Minister, Goran Knezevic, and Tay Group chairman, Mesut Toprak. The facility, to be located in Kraljevo, around 160km from Belgrade, is expected to employ around 2,500 workers.
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Taypa is investing more than US$2bn in expansion in a bid to become one of the world’s top five garment and textile manufacturers. Launched by Toprak in Istanbul in 1977, the company celebrated its 40th anniversary this year with plans to produce denim in Algeria and Serbia after Egypt and Turkey.
Taypa is one of the largest producers of denim in Turkey, exporting 80% of its production to around 50 countries. It recently announced an investment of $800m in what it says will be the largest textile facility in Algeria, in a bid to double production capacity in North Africa and diversify its product offering.
The company is also working to lower its sustainability footprint, and says it has lowered its electricity consumption by 8.6%, and its natural gas consumption by 31.9%. The percentage of chemicals it uses with an environmentally friendly certificate is currently at 80%, but the company has a target of reaching 100%.
Turkey denim giant Taypa investing $800m in North Africa
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By GlobalData
