Nicaraguan Textile Company Invests $3 Million
Istmo Textil Nicaragua has launched a new textile manufacturing facility where it expects to employ 2,500 people.
Thursday, September 9, 2010
The investment means that the company, backed by Korean capital, will look to achieve exports worth $120 million in 2010 and will employ a total of 5,000 workers.
The firm Hansae and a local partner will build new facilities for producing fabric in Niquinohomo, south of Managua, with capacity for 7,000 jobs.
Hansae, a textile company founded on South Korean capital, will later this month open the new "Gilberto Cuadra" industrial park, investing $12 million in equipment.
With an investment of $35 million and under the name Pride Denim Mills the textile the plant will restart operations in early 2014.
European investors are to acquire the Cone Denim Plant in Nicaragua, which has been closed for 3 years and could reopen in late 2012.
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