MAS shows bullishness with $ 70 m investment for new automated knitting plant in Thulhiriya

Friday, 30 November 2012 03:26 - - {{hitsCtrl.values.hits}}

MAS Holdings is expanding its manufacturing scope and value addition to the industry with an investment in automated knitting technologies, fully renovating a 200,000 sq. ft. facility to accommodate the largest automated knitting plant in the region.

With an envisaged investment of just over US$ 70 million backing the revolutionary plant, MAS Fabrics Ltd. becomes the Group’s single largest investment in the history of its 25 years of operation.

After the signing of the agreement, BOI Chairman and Director General M.M.C. Ferdinando shakes hands with MAS Holdings Group Finance Director Sudarshan Ahangama whilst MAS Holdings Deputy Chairman Sharad Amalean looks on

The facility is located in Thulhiriya, within the MAS Fabric Park, an industry specific Export Processing Zone falling under the management of MAS Investments, a division set up by the Group to focus on strategic investment opportunities.

In the past few years, the company has broadened its focus to provide design to delivery solutions to the global apparel industry and has diversified into the lifestyle and fashion space.

“This is our biggest technology-driven investment to date, and just as we marked Sri Lanka as an ethical manufacturer on the world map, we aim to promote Sri Lanka as a technology hub, through MAS Fabrics Ltd., ready to take on the challenges of tomorrow,” MAS Holdings Deputy Chairman Sharad Amalean said.

“We partner with those who identify with our own value proposition; we are focused on innovation, and are eager to invest in it,” he added.

There is a lot of innovation and technology involved in this project, which makes this a strategic step for MAS and Sri Lanka in the field of textile and apparel. With a 55,000 strong workforce nurtured in an innovation centric eco-system, MAS Holdings has come to be recognised by clients as a company that not only excels in execution, but one that also strives to distinguish itself through excellence in inspirational product and innovation.

The Company has been a steady transformation, from a contract manufacturer to a company that brings inspirational design and Innovation to global Brands.

The Board of Investment (BOI) stated: “This new facility in Thulhiriya is very significant as not only does it reflect the spirit of innovation characteristic of the Sri Lankan apparel industry, but it is also in line with some of the important strategic goals set by the Government.

“The BOI has identified the manufacture of fabric as a strategic import replacement industry since locally-made fabric will reduce the dependence on imported fabric. The use of locally-made fabric will contribute to strengthening the competitiveness of Sri Lanka-made apparel in world markets. For Sri Lanka the textile and garment sector is a strategic industry that contributes US$ 4 billion in exports (approximately 38% of total) and provides 276,000 direct employment opportunities.”