SQ Group, Crystal Martin Knitwear sign MoU to form jv sweater co
Sunday, 9 December 2007
FE Report
SQ Group, one of the leading sweater suppliers of the country, and Crystal Martin Knitwear Limited, a garment manufacturer based in the UK, signed a memorandum of understanding (MoU) to form a joint venture for producing world-class sweaters exclusively for Marks and Spencer (M&S).
SQ Group Chairman M Ghulam Faruq and Crystal Martin Knitwear CEO Lawrence B Ward signed the MoU to set up the joint venture recently.
Under the deal, the factory will be built on 225,000 square-feet area with an estimated investment of $6.5 million at SQ Supply Chain City at Valuka in Mymensingh.
SQ Group chairman expressed his hope that the project would be kicked off in the eco-friendly environment. It is a proof of the closely-aligned values and outlook.
Crystal Martin CEO Ward said: "We are proud to associate ourselves with M&S Plan-A through our new green model, especially in a country where negative impact on environment is already apparent".
The joint venture promises to be an exciting development as it will be the first eco-friendly 'Green' manufacturing plant in the world to produce sweaters.
SQ Group has its own high-quality yarn-dyeing mill and a large world-class piece-dyeing device set up with European collaboration. The new venture will make SQ and Crystal Martin as one of the largest producers of sweaters in the world.
The green plant is expected to go into operation by December 2008 with a combined work force of over 4000 people.
SQ Group, one of the leading sweater suppliers of the country, and Crystal Martin Knitwear Limited, a garment manufacturer based in the UK, signed a memorandum of understanding (MoU) to form a joint venture for producing world-class sweaters exclusively for Marks and Spencer (M&S).
SQ Group Chairman M Ghulam Faruq and Crystal Martin Knitwear CEO Lawrence B Ward signed the MoU to set up the joint venture recently.
Under the deal, the factory will be built on 225,000 square-feet area with an estimated investment of $6.5 million at SQ Supply Chain City at Valuka in Mymensingh.
SQ Group chairman expressed his hope that the project would be kicked off in the eco-friendly environment. It is a proof of the closely-aligned values and outlook.
Crystal Martin CEO Ward said: "We are proud to associate ourselves with M&S Plan-A through our new green model, especially in a country where negative impact on environment is already apparent".
The joint venture promises to be an exciting development as it will be the first eco-friendly 'Green' manufacturing plant in the world to produce sweaters.
SQ Group has its own high-quality yarn-dyeing mill and a large world-class piece-dyeing device set up with European collaboration. The new venture will make SQ and Crystal Martin as one of the largest producers of sweaters in the world.
The green plant is expected to go into operation by December 2008 with a combined work force of over 4000 people.