ITG's Burlington WorldWide Forms Joint Venture In Vietnam
Greensboro, N.C.-based International Textile Group Inc. (ITG), a New York City-based WL Ross and Co. LLC company, has announced that its Burlington Worldwide division plans to invest more than $80 million in a joint venture to build a state-of-the-art cotton manufacturing complex in DaNang, Vietnam. Burlington Phong Phu Supply Chain City will be 60-percent owned by an ITG subsidiary and 40-percent owned by Vietnam-based textile and garment company Phong Phu Corp.
ITG worked through the Vietnam National Textile and Garment Corp. (Vinatex) to establish the relationship with Phong Phu. Vinatex Chairman Le Quoc An helped facilitate that relationship.
Supply Chain City will employ more than 1,500 people in a vertical operation from weaving, dyeing and finishing cotton bottomweight fabric through to garment sewing and wet processing. Operations, which are expected to begin by December 2007, will include a dyeing and finishing capacity of 60 million yards.
"Vietnam is a country at the forefront of growth and provides an excellent platform for launching Burlington Phong Phu Supply Chain City," said Kenneth T. Kunberger, president, Burlington WorldWide. "Known for its complex needlework, this region offers distinct skills in intricate sewing and apparel production. Supply Chain City brings together Burlington's extensive fabric expertise with Phong Phu's garment knowledge, offering customers a unique, full-service garment solution."
June 13, 2006