Garment and fabric supplier Eclat Textile Co (儒鴻) said it is to invest US$170 million in Indonesia, a move expected to expand the manufacturer’s global presence and boost production capacity.
At a meeting on Tuesday, its board approved a proposal for Eclat to pour the funds into Indonesia in three stages starting next month, the company said, adding that the investment aims to roll out products for ASEAN and the Chinese markets.
The first stage of investment would be completed by the end of next year to build a garment factory to produce 1 million units per month, Eclat said.
The second stage, to start in 2021, is to build another garment plant, also with a monthly capacity of 1 million units, it said.
The third stage will involve building a weaving mill with a monthly capacity of 1 million kilograms, the company said.
Construction of the weaving mill is to start in two years and before work starts, the company will map out details about the investment through possible suppliers with the aim of setting up a comprehensive supply chain, Eclat said.
It is in talks with authorities of an industrial park as a possible destination for the investment, but Eclat did not disclose the name of the park.
The firm has overseas production sites in Vietnam, Cambodia and Lesotho.
The investment in Indonesia is expected to help it diversify risk, it said.
Several other major textile manufacturers, such as Makalot Industrial Co (聚陽) and Lealea Group (力麗集團), run production sites in Indonesia.
Merida Industry Co (美利達) has seen signs of recovery in the US and European markets this year, as customers are gradually depleting their inventories, the bicycle maker told shareholders yesterday. Given robust growth in new orders at its Taiwanese factory, coupled with its subsidiaries’ improving performance, Merida said it remains confident about the bicycle market’s prospects and expects steady growth in its core business this year. CAUTION ON CHINA However, the company must handle the Chinese market with great caution, as sales of road bikes there have declined significantly, affecting its revenue and profitability, Merida said in a statement, adding that it would
Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
RISING: Strong exports, and life insurance companies’ efforts to manage currency risks indicates the NT dollar would eventually pass the 29 level, an expert said The New Taiwan dollar yesterday rallied to its strongest in three years amid inflows to the nation’s stock market and broad-based weakness in the US dollar. Exporter sales of the US currency and a repatriation of funds from local asset managers also played a role, said two traders, who asked not to be identified as they were not authorized to speak publicly. State-owned banks were seen buying the greenback yesterday, but only at a moderate scale, the traders said. The local currency gained 0.77 percent, outperforming almost all of its Asian peers, to close at NT$29.165 per US dollar in Taipei trading yesterday. The
RSS