Record acquisition for Turkish textile firm
Posted by meb at February 8th, 2007
Mimataş Textile Industry and Trade Corp. has broken new ground among Turkish firms with a large textile investment in Uzbekistan.
The acquisition contract for Aim Textile Joint Corporation, worth $48 million, was signed between the National Bank of Uzbekistan (NBU) and Mimataş Textile and Trade Corp. in Andican, a province of Uzbekistan. The firm also assured the investment of a further $21 million.
Mimataş is now the largest Turkish investor in the country in textiles. The Turkish firm Bayteks held the previous record with investments worth $25 million in 2005. A joint Uzbekistan-Switzerland firm, Aim Textile Corporation, started operations in 2003. The factory has the capacity to produce 4.4 tons of fabric and 4.2 tons of fibers annually. The company declared bankruptcy due to its debts to the national bank and was put up for sale by the president.
source: www.todayszaman.com
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