The underwear, T-shirt and sock maker said it is expanding its global manufacturing footprint by building a large complex in Bangladesh to complement its existing operations, reports the Star, a Canadian newspaper. The company has purchased a large land parcel last month for $45 million to build a vertically integrated manufacturing plant that would expand its textile and sewing operations, according to the report. The large multi-plant complex would be large enough to support more than $500 million in annual sales after opening at the end of 2021. It expects to spend about $175 million on capital expenditures this year, up from its previous guidance of $125 million. “The company believes the build-out of a large-scale manufacturing hub in Southeast Asia will significantly enhance its positioning to service international markets and support other key sales growth drivers,” it said in a news release.

Source: bd News24 May 02, 2019 06:33 UTC