Crystal Martin in green knitwear JV in Bangladesh
10 December 2008, Sutton-in-Ashfield, Nottinghamshire, UK – Crystal Martin Knitwear Limited, a UK based garment manufacturer and supplier to Marks & Spencer has signed a memorandum of understanding (MoU) with SQ Group a leading sweater supplier in Bangladesh to produce world-class sweaters exclusively for Marks & Spencer (M&S).
According to the country’s Financial Express, SQ Group Chairman M Ghulam Faruq and Crystal Martin Knitwear CEO Lawrence B Ward signed the MoU to set up the joint venture recently. Under the deal, the joint venture will build a 225,000 square feet factory with an estimated investment of $6.5 million at SQ Supply Chain City at Valuka in Mymensingh.
SQ Group’s Chairman expressed his hope to the FE that the project would be kicked off in the eco-friendly environment. Crystal Martin CEO Ward told the FE: “We are proud to associate ourselves with the M&S Plan-A through our new green model, especially in a country where negative impact on the environment is already apparent”.
The joint venture promises to be an exciting development as it will be the first eco-friendly ‘Green’ manufacturing plant in the world to produce sweaters. SQ Group has its own high-quality yarn-dyeing mill and a large world-class piece-dyeing facility set up with European collaboration. The new venture will apparently make SQ and Crystal Martin one of the largest producers of sweaters in the world.
The green plant is expected to go into operation by December 2008 with a combined work force of over 4000 people.
Source: The Financial Express