Loftex building new plant
January 5, 2005,
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.
“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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