Unifi, Inc. a speciality textured yarn supplier has come to an agreement with the owners of Complast S.A. and Technologia Textil Avanzada (TTA), by signing a non-binding letter of intent to form a joint venture in Guatemala. Both the companies in Guatemala are into recycling, spinning and texturing.
Under the terms of the deal, the joint venture will continue the recycling, spinning and texturing activities of Complast and TTA with Unifi owning 51% of the joint venture and the existing owners of Complast and TTA owning the remaining 49%.
The deal highlights the importance of the Central American textile market to Unifi as well as the company's commitment to this market for the foreseeable future.
Unifi believes the venture will further expand its geographic footprint of Repreve recycled fibre through local, quick turn production of Repreve filament yarn within Central America, a key apparel-producing market that requires compliant yarn.
Tom Caudle, President of Unifi, Inc said that Central America has been a region of focus for brands and retailers over the past few years, as apparel programs are sourced closer to the U.S. The growth in the region is key to their strategy of building Repreve and other value-added brands.
Complast and TTA have been in business since 2008 and 2014, respectively. Complast owns and operates a bottle processing facility and produces flake and chip under the brand name EuroPET for the consumer packaging market in Central America and for further processing in their spinning plant.
TTA produces polyester POY and textured yarn under the brand name EuroFIL, and supplies the Central American market. Under the letter of intent, these operations would be contributed to the joint venture and, upon consummation of the joint venture, the parties intend to expand the existing operations.
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