Seamless intimate apparel, activewear and swimwear maker Tefron Ltd is in talks to set up a joint manufacturing venture in Egypt.

The company said today (16 June) that discussions are at an "advanced" stage, and that it would hold a 50% stake in the venture with the remaining share split between three other partners

Tefron's investment in Tefron Egypt would be US$1m on equipment. The other stakeholders will also put in $1m for investments and working capital.

The plant will supply Tefron's existing customers, who include well known retailers and designer labels such as Victoria's Secret, Nike, Target, The Gap, and JC Penney.