With an investment of $35 million and under the name Pride Denim Mills the textile the plant will restart operations in early 2014.
The textile company, which was acquired by Grupo Karim’s de Honduras announced the creation of "600 jobs to produce about 28 million yards of denim a year, which is the production capacity of the plant," noted an article in Laprensa.com.ni.
European investors are to acquire the Cone Denim Plant in Nicaragua, which has been closed for 3 years and could reopen in late 2012.
"It is a fact that this year the Cone Denim plant will be reopened. We're just waiting for the (purchase) negotiations to be completed," confirmed Dean Garcia, executive director of the Nicaraguan Association of Textile and Apparel Companies (Anitec), according to Laprensa.com.ni.
Negotiations between the government and representatives of Core Denim might not conclude until the end of the year.
Since January the possibility has existed that the US based company may reopen the plant which started operations in 2007, but was closed in March 2009.
There is much anticipation surrounding the reopening of this plant, since it used to generate about 800 jobs, which may be recovered, at least partially, if operations resume.
International Textile Group's Cone Denim has announced the opening of its Nicaragua operation.
Located outside Managua, Nicaragua in the Jorge Bolanos Abaunza Textile Park, the Cone Denim Nicaragua (CDN) facility held its Grand Opening Ceremony on April 22.
A fully vertical operation, CDN is equipped with the most modern manufacturing equipment to process raw cotton through finished denim fabric.
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