ECONOMYNEXT- Sri Lanka’s Teejay Lanka Plc, one of South Asia’s largest fabric mills, is planning to diversify into lace production in a partnership with China’s Luen Fung Textiles (LFT), officials said.
"Teejay is pursuing different growth avenues with diversification of products and this will be the start of this new journey," Teejay Chairman Bill Lam said.
Teejay’s plants in India will start dyeing, finishing and scalloping of raw lace material supplied by LFT under a signed agreement.
The finished lace will be sold to customers of both Teejay and LFT.
Teejay, which has operations in Sri Lanka and India, specializes in weft knitted fabrics, and in recent years has ventured into lace dyeing, yarn dyeing and synthetic fabric production.
The firm is backed by one of Sri Lanka’s largest apparel exporters Brandix (33 percent stake) and Hong Kong’s Pacific Textiles (28 percent stake).
LFT, founded in 2006 in Hong Kong, China, manufactures for popular global brands.
It manufactures, sells, conducts research and development and supplies raw materials for lace and related products. (Colombo/Jul25/2019)