Lankapage Logo Recent Top Stories
CP 13 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka's top apparel producer to invest US$ 70 million in automated knitting plant
Thu, Nov 29, 2012, 11:47 am SL Time, ColomboPage News Desk, Sri Lanka.

Nov 29, Colombo: Sri Lanka's largest intimate apparel manufacturer, MAS Holdings will invest US$ 70 million to set up the largest, automated knitting plant in the region at Thulhiriya, within the MAS Fabric Park.

The company is fully renovating a 200,000 sq. ft. facility to accommodate the knitting plant in the Export Processing Zone at Thulhiriya.

"There is a lot of innovation and technology involved in this project, which makes this a strategic step for MAS and Sri Lanka in the field of textile and apparel," Sri Lanka's investment promotion agency Board of Investment (BOI) said in a statement.

BOI said the new facility at Thulhiriya is very significant as not only does it reflect the spirit of innovation characteristic of the Sri Lankan apparel industry, but also it is in line with some of the important strategic goals set by the Government.

This is the largest investment by MAS Holdings in its 25-year history. The company has 28 facilities around the world and employs 55,000 people worldwide.

MAS Holdings supplies its intimate line of fabrics and active ware to famous name brands such as Victoria's Secret, Mark & Spencer, Soma Intimates, La Senza, GAP, DBA, H&M, Lululemon, Oysho, and Athleta.

The BOI said it has identified the manufacture of fabric as a strategic import replacement industry since locally made fabric will reduce the dependence on imported fabric.

"The use of locally made fabric will contribute to strengthening the competitiveness of Sri Lanka made apparel in world markets. For Sri Lanka the textile and garment sector is a strategic industry that contributes US$ 4 billion in exports (approximately 38% of total) and provides 276,000 direct employment opportunities," the BOI said.



ColomboPage - Recent 10 Stories
Leaders of Sri Lanka leftist parties to vote in favor of the 19th Amendment to the Constitution
-- [0 minutes ago]
Train-jeep collision in Sri Lanka kills four
-- [1 hour and 11 minutes ago]
Indian fishermen indulge in illegal acts in Sri Lankan waters, Indian Coast Guard says
-- [1 hour and 47 minutes ago]
Pakistan forces kill terrorist involved in attack on Sri Lanka cricket team
-- [2 hours ago]
Sri Lankan court orders police to charge extremist Buddhist organization
-- [2 hours ago]
Supreme Court decision on Sri Lanka government's RTI Bill and National Audit Bill tomorrow
-- [3 hours ago]
Sri Lanka's opposition objects to composition of proposed Constitutional Council
-- [3 hours ago]
Sri Lankan movement calls off sathyagraha planned to support 19A
-- [3 hours ago]
Sri Lankan Government revives Paranthan chemical factory to produce chlorine requirement
-- [8 hours ago]
Sri Lankan Prime Minister hints about the next general election
-- [9 hours ago]

Copyright © 2000, 2012 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.