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Polgat Textiles to move spinning operations to China

13 Mar '06
1 min read
Polgat Textiles has decided to shift its spinning unit from Kiryat Gat, Israel, to China so as to cut down its production costs.

The move is a part of the company's streamlining plan and almost 190 employees will lose their jobs.

Company registered a loss of US $8.3 million for 2005 with operating loss of $3.5 million and $2.5 million in spinning mills.

The company posted $21.4 million revenue in 2005, 20 percent less than in 2004.

However, according to pro forma results, Polgat recorded an operating profit of NIS 40.4 million in 2005, compared with NIS 49.7 million in 2004.

The company posted a net profit of NIS 55.8 million in 2005, compared with a loss of NIS 46.8 million in 2004.

Polgat Textiles is one of the leading worsted mills in the world with annual capacity of five million meters.

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