PHI invests in Chinese towel plant

NEW YORK -- PHI has made a 50 percent investment in a Chinese towel factory in the Shandong province of China called Laiwu.

The firm was established in 1976 and manufactures many kinds of towels: solids, prints, jacquards, embroideries, fancies and beach. Under the partnership, the new entity will be called International Bath Fashions.

According to Mark Grand, PHI’s CEO, the partnership allows the company to bring its “design resources and talent to their towel capabilities.”

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