Sri Lanka’s Only Multinational Textile Mill Teejay Announces Plans to Diversify in to Lace
Source Textile Reads22-08-19
Teejay Lanka PLC, Sri Lanka’s only
multinational textile mill, has announced plans to partner with a
leading Chinese company to venture into the manufacture of lace,
thereby significantly expanding the Company’s product portfolio.
As a first step, Teejay is to commence
dying, finishing, and scalloping of raw lace material supplied by the
prospective joint venture partner, Luen Fung Textiles (LFT) of China,
the Company has said in a filing with the (CSE).
This will be undertaken at the
manufacturing facilities of Teejay India, the announcement said.
Commenting on the plans announced by
Teejay, the Company’s Chairman Bill Lam said: “Teejay is pursuing
different growth avenues with diversification of products and this
will be the start of this new journey.”
The Company’s CEO Shrihan Perera
added that “We are confident that this partnership will give us a
distinct edge with clear growth potential with our customer base.”
Teejay Lanka Deputy CEO Pubudu de
Silva elaborated: “The addition of lace to our portfolio
significantly enhances the versatility of the Company’s offering
and its earning potential. We are excited at the prospect of working
with Luen Fung Textiles to augment our knowledge and capabilities and
to expand our customer base.”
A supply arrangement entered into by
Teejay as a precursor to the developments envisaged in the MoU with
Luen Fung Textiles paves the way for the latter to design and supply
lace as a raw material to Teejay.
With manufacturing operations in Sri
Lanka and India, Teejay is one of the region’s largest textile
manufacturers, and supplies fabric to some of the best international
brands across the world. Teejay Lanka PLC is a public quoted company
with 39 per cent public ownership.
Founded in 2006 and based in
China-Hong Kong, LFT is a reputed company in the business of research
and development, manufacturing, selling, marketing, distributing,
supplying raw materials and other related items used in the
manufacture of lace and related products.
LFT manufactures for popular
international brands such as Target, JC Penny, Maidenform, Fruit of
the Loom, Vanity Fair, Pacific Brands, Hanes, Kmart, Walmart, Lidl,
The company is backed by Sri Lanka’s
largest apparel exporter, Brandix Lanka which has a 33 percent stake
and Pacific Textiles of Hong Kong which owns 28 percent of the