U-Right Signs Various Partnership Agreements
Hong Kong-based U-Right International Holdings Ltd. has recently signed partnership agreements with several companies.An agreement between subsidiary U-Right Nano Textile (China) Ltd. and Kiu Hung Industries Ltd., a wholly owned subsidiary of Kiu Hung International Holdings Ltd., Hong Kong, allows the companies to jointly manufacture and distribute nano plush toys and decorations processed with Swedish Texcote Technology.Under the five-year agreement, Kiu Hung will pay 5 million Hong Kong dollars (approximately $640,000) to U-Right for exclusive plush toys and decorations manufacturing and distribution rights.Another agreement between U-Right Nano Textile and Maytron Enterprise Ltd., a subsidiary of Maytron Enterprise Group, Hong Kong, allows the companies to jointly manufacture and distribute Swedish Texcote Technology-processed textile handbags. Under the three-year agreement, Maytron will pay U-Right 5 million Hong Kong dollars for exclusive handbag manufacturing and distribution rights.Texcote Technology (International) Ltd., another U-Right subsidiary, also completed an agreement with Pakistan-based Chenab Ltd., allowing Chenab to use Swedish Texcote Technology to process its furniture fabrics, apparel fabrics and other textile products.U-Right acquired Texcote Technology from two Swedish scientists who developed the process for treating textiles to provide water repellent, dirt resistant and environmental properties. In anticipation of increasing demand for the technology, U-Right is building a new 170,000-square-foot Texcote processing plant in Guangdong, China. The company says the new facility will accommodate 10 sets of processing lines.
Winter 2003