Almeda Textile is the biggest textile manufacturing company in Ethiopia plans to upgrade factory equipment and training staff to increase revenue by 50 percent to $30 million a year by 2018. It sells clothes to Swedish fashion chain Hennes & Mauritz AB.
The company will invest in its only plant near the city of Adwa, in Ethiopiaâ€™s northern Tigray region. The company, which began operations in 1998, could supply Stockholm-based H&M with more than 4,000 t-shirts a day next year if productivity improves. If the company can boost capacity and reliability at the plant, H&M may increase its orders, Almedaâ€™s General Manager Libelo Gebreselassie said in an interview on Monday.
Libelo further said that about 90 percent of Almedaâ€™s dyed fabrics and garments are sold in Ethiopia, with large orders from the army and police force for uniforms . The companyâ€™s sales will probably be $20 million in the fiscal year ending July 7, up from annual revenue of about $15 million in the two previous years.
Almeda has about 2500 employees principled, creative, dynamic and professional people.
Almeda is owned by the Endowment Fund for the Rehabilitation of Tigray, a group of companies started in the mid-1990s by the Tigrayan Peopleâ€™s Liberation Front party thatâ€™s a founding member of Ethiopiaâ€™s ruling coalition. Itâ€™s been supplying H&M, Europeâ€™s second biggest clothing retailer, since 2013.
Ethiopiaâ€™s government plans to invest about $1 billion a year in export-focused industrial parks that will contain textile factories among other manufacturing sites, Arkebe Oqubay, a special adviser to Prime Minister Hailemariam Desalegn, said last month. While Africaâ€™s second most-populous nation has a target to earn $1 billion this year from textiles and clothing exports, it shipped only $70 million worth in the nine months through March, according to the Trade Ministry.
Almeda is committed in creating a Hub for excellence in the textile field in Africa in general and Ethiopia in particular.
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