Negotiations for Purchase of Cone Denim Textile Factory

European investors are to acquire the Cone Denim Plant in Nicaragua, which has been closed for 3 years and could reopen in late 2012.

Thursday, April 26, 2012

"It is a fact that this year the Cone Denim plant will be reopened. We're just waiting for the (purchase) negotiations to be completed," confirmed Dean Garcia, executive director of the Nicaraguan Association of Textile and Apparel Companies (Anitec), according to Laprensa.com.ni.

The International Textile Group (ITG), which owns the plant had to close in 2009 due to lack of market for its products following the global economic crisis. Garcia said he hopes the National Free Zone Commission will make an announcement in the coming days, reported Laprensa.com.ni.

Garcia acknowledges that it is important to ensure that the United States approves an extension to the country for ten years of tariff preference levels (TPL), because the benefit ends in 2015. TPL allows, under the CAFTA framework, the import of raw materials for making clothes which are then sold to U.S. to be exempt from taxes.

Market Intelligence

Everything about textile imports in Nicaragua.

Top importers - Quantities, amounts and prices.

more info

More on this topic

Textile Cone Denim Reopens in Nicaragua

January 2011

During the course of the year, the U.S. textile company will restart operations in the country.

The start-up would initially create 700 new jobs.

"The secretary of the National Free Zone Commission (CNZF), Alvaro Baltodano, and executive director of the Nicaraguan Association of Textiles and Apparel (Anitec), Dean Garcia, confirmed to the press that the reopening of the company is underway and will become official in the coming weeks,” according to an article at Laprensa.com.ni.

Cone Denim Is For Sale

January 2012

The textile company, a subsidiary of International Textile Group, which invested $100 million in its plant in Nicaragua, now has three interested parties; meanwhile there are still plans to reopen its operations.

The U.S. textile company Core Denim, belonging to the International Textile Group (ITG), could resume operations in Nicaragua which were suspended in March 2009, informed the government, although there is still a chance that the company will be sold, which would imply a reassessment of these plans.

Honduran Businessmen Announce Reopening of Textile Plant

September 2013

Under new management and Honduran capital, the textile plant in Nicaragua will resume operations in the next few weeks.

The information was confirmed by Dean Garcia, executive director of the Nicaraguan Association of the Textile and Apparel Industry (Anitec). "We are in coordination with representatives who bought the company and we are looking to see if it is likely that operations will start before the end of this month", he said.

Woven Fabric Production in Nicaragua

November 2012

Millknit Industries will begin operations in early 2013, producing fabrics for clothing companies established in the free zones.

Following the closure of Core Denim in 2009, Nicaragua has had no cloth production, which is a disadvantage for the clothing sector, which has to import its raw materials.

 close (x)

Receive more news about Business and Investment

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones


EB-5 U.S.A Program Immigrant Investor Visa Qualified Commercial Property in Puerto Rico.

EB-5 U.S.A Program Immigrant Investor Visa Qualified Commercial Property in Puerto Rico.
Excellent and modern property, in Trujillo Alto, Puerto...

Companies

Stock Indexes

(Oct 30)
Dow Jones
0.72%
S&P 500
0.10%
Nasdaq
-0.27%

Commodities

(Oct 30)
Brent Crude Oil
86.700
Coffee "C"
191.5
Gold
1,196
Silver
16.345