The Pakistani company Sapphire Textile Mills Limited has agreed to form a Joint Venture Company with the British giant Carrington Textiles, according to the company’s official notification issued to the Pakistan Stock Exchange.
As per Sapphire’s notification, both companies will synergize in manufacturing, marketing, and Research & Development to bring value to their customers as a new Joint Venture Company that will be formed in the United Kingdom (UK).
Carrington Textiles is a British Company with a history of 130 years and specializes in the manufacture and sale of workwear fabrics globally.
It is the largest producer of workwear fabrics in the UK while exporting to more than 80 countries worldwide and with over 60 percent of its products going to new markets. Additionally, the company produces over 55 million meters of fabric annually.
Pakistan’s Sapphire Textile Mills Limited is a vertically integrated composite textile unit that manufactures cotton yarn, fabric, and home textile products, while enjoying a share of more than 10 percent in the sector’s sales (listed companies only.
Its manufacturing units are located in Sind and Punjab, and consist of 139,433 spindles, 3,120 rotors, 360 looms, and 215 stitching machines.
Pakistan’s textile industry has been booming in recent months due to the rising demand for products worldwide. The exports of the sector have been growing consistently as the local units have been working at full capacity and the number of export orders has been booked for the next six months.
Other renowned and big textile units are also working towards sustainable and long-term projects. In recent months, AlKaram Textile had signed a 6-year export project with the American brand Gap, and Artistic Milliners has acquired a denim producing unit in California.
Sapphire Textile Limited will be the third known textile unit that is working towards synergizing its business with a top UK brand.