PERU: Nuevo Mundo To Build US$13m Plant

Peruvian textiles company Nuevo Mundo is to build new plant costing US$13m, Apparel Industry Internacional reported yesterday.The plant will enable Nuevo Mundo to modernize its production and start producing jeans fabric. It will lift the company's yarn and fabric production capacity by 200 per cent and 50 per cent respectively. At present, the company operates at 100 per cent of its production capacity.Nuevo Mundo currently exports 10 per cent of its products to Andean countries and predicts that this will rise to 20 per cent within the next 2 years. The company holds nearly 90 per cent of the corduroy fabrics market in Peru. It posted a turnover of US$40m last year and forecasts a five per cent sales growth for this year. It imports nearly 80 per cent of its cotton from China and the US.