Fabric maker Uniquetex plans to spend $31.6 million to build a production facility in Cleveland County, a move that will bring 150 jobs to the area. The facility in Grover will be the first in the U.S. for Uniquetex, which is a joint venture of two Chinese manufacturers.
Sri Lanka's Ceylon Leather Products, a company with a proud history of 74 years in processing and manufacturing of leather and leather products. The company plans investment of Rs.306.4 million in South Asia Textile Industries Pvt Ltd, a fabric maker.
Ceylon Leather Products will buy 3.06 million shares in rights issues raising its stake to 80 percent, the firm said in a stock exchange filing.
Cotton prices that remained stable till February-March is seen gradually rising from Rs 41,500-42,000 per candy to Rs 44,000 per candy, wherein a candy is about 356 kg. The recent rise in cotton prices has put yarn makers under margin pressure as they are unable to raise prices at once, due to low demand.
According to cotton yarn makers, rising cotton prices has led to shrinking margins by around 5-7 percent in the last one month. Moreover, rise in cotton prices coupled with restricted demand has further resulted to increased pressure on margins.
