Colortex Argentina, one of the leading textile companies in Argentina with spinning, weaving, dyeing, stamping, finishing and garment manufacturing facilities equipped with latest machinery, will invest US$ 30 million to develop new range of products at its La Rioja production unit.
During his meeting with Minister of Industry Debora Giorgi, Arthur Karagozlu, who owns Colortex, said the new investment will be utilized to manufacture industrial safety clothing that has huge export potential.Colortex Argentina, one of the leading textile companies in Argentina with spinning, weaving, dyeing, stamping, finishing and garment manufacturing facilities equipped with latest machinery, will #
He said it will result in import substitution of about 25 million pesos per year.
The capacity expansion at the manufacturing unit in La Rioja will result in creation of 50 new employment opportunities, which will be in addition to 480 people who are currently employed at the factory.
Colortex will produce the new line of clothing that have insulation, fireproof and industrial safety features, in collaboration with Lenzing, an Austrian company known for fibre innovation.
Technical Textile, News Desk - India
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