Gildan Activewear has confirmed an investment in a new manufacturing plant in the north of the country in order to take advantage of Costa Rican quotas for textile entering the U.S. market.
In the second quarter report to shareholders 2014, Gildan Activewear confirmed today in Montreal that it will make its next investment in Guanacaste, Costa Rica, installing a modern textile manufacturing plant.
The company Gildan Activewear expects that its plant in Honduras will allow it to attract brands concerned about working conditions in Asia.
The company explained that its growth in Honduras could attract large companies seeking to repatriate their production to the American continent, in light of poor working conditions in Bangladesh exposed by the collapse that killed 400 workers.
A delegation of textile industry businessmen will visit the country the next week.
One of the members of the delegation could be the company Gildan, who has shown interest in investing in a new textile factory in the country.
Benjamín Bográn, Industry and Commerce Secretary, told Elheraldo.hn: "...a Canadian company intends to invest $52 million in the country, generating new jobs...".
The Gildan firm which has been operating in Choloma, Cortes, for some 5 years now is expanding its activities and will generate some 4 thousand new jobs.
According to the maquila's representative on the Honduran Counsel of Private Companies (COHEP), Guillermo Matamoros, Gildan is one of the most serious companies in the world in this sector.
"This expansion demonstrates that despite the safeguards imposed by the United States against Honduran socks, the industry in Honduras has been able to respond to the challenges it faces in the international market," he pointed out.
In its 2Q report Activewear Inc. also said it plans to construct a third textile facility in Honduras, to support its projected sales growth beyond 2009.
The capital cost of the new facility, which will be constructed in fiscal 2008 and fiscal 2009, is expected to be in the range of $100 million to $110 million, the majority of which will be incurred in fiscal 2009, the company said.
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