Coats, one of the leading industrial thread and consumer textile crafts companies, has announced the opening of a state-of-the-art zips factory in Chittagong, on the eve of completing 25 years of operations in Bangladesh.
The new zips factory will open by 2015 and is being established in response to the growing demand from global consumer apparel manufacturing brands in Bangladesh. The new factory will create over 100 new jobs locally, and over time, will manufacture the full offering of zips, the company said in a statement.
Paul Forman, the CEO of Coats said, “Coats is extremely proud of its world class operation in Bangladesh and the support and relationship with our joint venture partner. Our business has seen significant growth and development, particularly in the last few years, and the opening of our new world class zips factory is a demonstration of our commitment to an ever-growing presence here.”
The event to celebrate the completion of Coats’ 25 years in Bangladesh was attended by over 400 customers and suppliers. The event also marked the highly successful joint venture of Coats with AK Khan Group, a leading industrial powerhouse and a major contributor to the national economy of Bangladesh.
The highly successful joint venture between Coats and the AK Khan Group have continued to increase capacity to manufacture an ever increasing and diverse range of products to supply both the growing requirement of Bangladesh and global exports.
At the event, Paul Forman discussed the market dynamics driven by the longer term ‘mega trend’ of the growth of the Asian middle class, as the Asia-Pacific region moves from being primarily a manufacturing base to the world’s largest consumer market.
He also covered key influences on the sector going forward that included cost inflation and productivity, time and speed as the basis for competitive success, and the use of digital technologies to drive efficiencies in the supply chain.
The readymade garment (RMG) industry has been the mainstay of Bangladesh’s economic growth. By 2004, garment exports had grown to US$ 6.4 billion and the RMG sector employed 2 million people. This year exports are expected to reach over $25 billion and employment will reach over 4 million people. (GK)
