Cone Denim Is For Sale

The textile company, a subsidiary of International Textile Group, which invested $100 million in its plant in Nicaragua, now has three interested parties; meanwhile there are still plans to reopen its operations.

Wednesday, January 11, 2012

The U.S. textile company Core Denim, belonging to the International Textile Group (ITG), could resume operations in Nicaragua which were suspended in March 2009, informed the government, although there is still a chance that the company will be sold, which would imply a reassessment of these plans.

The presidential delegate for investment, Alvaro Baltodano, revealed that there are several companies interested in the acquisition of Core Denim. "’We are working on (re) opening, this is a guarantee that must be given to investors who will analyze the feasibility of returning, we have three to four companies interested, remember that it is an investment of more than 100 million U.S. dollars and there are US, Asian and South American investors interested’, said Baltodano to the local press.

The reopening of Cone Denim has been announced since early 2011, but so far has not materialized.

Cone Denim began operations in 2008 with an investment of 100 million dollars. However, it was closed in March 2009, leaving nearly 700 unemployed Nicaraguans. The closure of the company occurred on the grounds of lack of market due to the international economic crisis, according to the digital edition of the newspaper La Prensa.

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Textile Cone Denim Reopens in Nicaragua

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During the course of the year, the U.S. textile company will restart operations in the country.

The start-up would initially create 700 new jobs.

"The secretary of the National Free Zone Commission (CNZF), Alvaro Baltodano, and executive director of the Nicaraguan Association of Textiles and Apparel (Anitec), Dean Garcia, confirmed to the press that the reopening of the company is underway and will become official in the coming weeks,” according to an article at