ITG, China Ting Group Build Dyeing/Finishing Plant In China
U.S.-based International Textile Group (ITG) announced recently that it is partnering with China Ting Group, a Hong Kong-based vertical manufacturer of textile products, to build a dyeing and finishing plant in the Linping Industrial Area in Hangzhou, China. ITG also will build a warehouse and distribution center in the same complex to support its growing business initiatives in the region. The combined investment amounts to $20 million.The plant will be under the direction of the Interior Fabrics Division of ITG and is scheduled to be operational by the end of 2005.“Building international partnerships is a key aspect of our strategic plan in 2005,”said Joseph L. Gorga, President and CEO, ITG.J. Derrill Rice, president of ITG Interior Fabrics Division, said,“The dynamic Asian market represents an opportunity for growth. A manufacturing base in China is critical to support our strategy both domestically and abroad.”China Ting Group has also entered into a license agreement with ITG to develop “Burlington House Retail”as a freestanding home furnishings store concept in China. The retail store prototype has been completed and 25 stores are scheduled to open by the end of 2005.
March/April 2005