MEXICO: Four Leaf Gets Go Ahead For $40m Plant

Four Leaf Textiles LLC, a US-based manufacturer of specialty coloured ring-spun yarns, has completed financing required to build a 150,000 sq ft plant in Guanajuato, Mexico, Textile World reported this week. The investment will be made in two stages, with the first $20m phase completed by April 2001. The new factory will produce specialty yarns for the apparel, home furnishings, bed and bath, and automotive markets. It will have around 22,000 spindles with an estimated annual capacity of 12 million lbs and will feature sophisticated blending and air handling systems. During the second phase, Four Leaf will spend another $20m to double the plant's capacity.Four Leaf also received additional equity of more than $13m from shareholders and Bank of America capital investors. The company also refinanced its existing debt and received additional borrowing capacity to support the Mexico investment."The Mexican facility will produce the highest quality yarn and will be the most state-of-the-art specialty ring-spun facility in the world," said David Roberts, Four Leaf founder and CEO. "The new equipment will enable us to continue to produce strong, consistent and evenly coloured yarn."The factory will be the company's fourth plant and will increase Four Leaf's total number of ring spindles to approximately 80,000. The company has hired Terry Lee to be director of international operations and Ed Sanz as chief financial officer.