BARCELONA, Spain — June 24, 2019 — Today, the Cotton & Textile Industries Holding Co. of Egypt kicked off the implementation of a major modernization program at ITMA Barcelona. The program, supported by the president of Egypt, Abdul Fatah Al-Sisi and Minister of Public Enterprises, Dr. Hisham Tawfik, aims to upgrade Egypt’s upstream textile industry to support its competitiveness to become a major regional sourcing hub in the Mediterranean region.
The restructuring program performed and supervised by Werner International aims to restore Egypt’s prominent position in the world markets, capitalizing on the global renown fine Egyptian Cotton fiber.
The program includes the modernization of spinning, weaving, knitting, dyeing, finishing, printing and confection, based on a product line definition which brings forth added value to Egyptian cotton, from cotton farming to ready-made goods with world class level in terms of quality and efficiency — aiming to support Egypt Private Sector upstream manufacturers competitiveness in the world markets.
The total value of the program is approximately 1 Billion Euros, which includes around 780 000 new spindles and 1250 new looms, dyeing, printing and finishing machinery and state-of-the-art cutting and sewing equipment
The foreseen investments will stimulate the dynamism for upgrading technology in the entire industry and ensure continuing increases in productivity as well as technical and management skills to maximize value creation within the Egyptian textile value chain. It will affect largely Egypt’s vertical integration and competitiveness, taking advantage of the Egyptian Cotton.
Dr. Ahmed Moustafa Mohamed, chairman of the holding company was proud to announce that, as part of the restructuring project, the masterpiece of this development plan is the establishment of a state-of-the-art new spinning mill for fine and extra-fine counts, hosting over 180 000 spindles under one roof, making it the biggest of its kind worldwide.
During ITMA, contracts were awarded for the first phase of the modernization program to seven textile machinery suppliers: Benninger (including Thies and Brueckner), EFI Reggiani, ITEMA, Karl Mayer, Marzoli, Rieter and Savio.
Dr. Mohamed was very pleased at the signing ceremony in Barcelona, Spain: “The Government of Egypt has decided to make a big investment into the textile industry of the Public Sector. The program will have a major impact on the competitiveness and the success of the Egyptian textile industry in the future. It is an important step for our country. I am proud and happy that the leading machine suppliers are committed to support the Holding Company in the implementation of the program. We thank ITMA for having hosted the signing ceremony which gave us the opportunity to kick off our ambitious program so solemnly.”
Posted June 25, 2019
Source: Cotton & Textile Industries Holding Co.