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Loftex building new plant

NEW YORK — Loftex Industries, one of China’s largest towel manufacturers, is investing $150 million in a new facility that will handle specialty spinning, weaving, dying and finishing.

The plant will be used for specialized goods only, such as Loftex’s “cashmina” towel, a blend of cashmere, extra-long-staple Emperor’s Cotton from China and bamboo. It will be outfitted with 250 airjet looms, according to Yanping Wang, president.

“To avoid direct competition with Pakistan and Indian facilities, we are targeting higher-end constructions for the U.S. and Europe ,” he said. “We need to innovate.”

Ground-breaking is scheduled for March, and the project should be completed within 12 months, he said. The facility of 1 million square feet will be located adjacent to Loftex’s sizable mill complex in Binzhou in Shandong province.

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