Loftex Goes After Higher End
January 10, 2005,
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.
The company also is working to promote its own Loftex brand in the United States. Loftex opened a U.S. office last year.
“We're confident that in three to five years, Loftex could be the largest towel manufacturer in the world,” Wang said.