Firstextile AG: Successfully finished construction phase of new plant

(PresseBox) ( Jiangyin (China) / Frankfurt (Germany), )
Firstextile AG (FT8) reached an important milestone of its ambitious expansion plans of doubling its production capacities by the end of 2014.

After a one-year construction period Firstextile AG enters into the next phase of its expansion plan by completing the four-storey building next to the current plant. During the next months Firstextile will order all necessary equipment duplicating the existing production site with the same high-end textile machineries. This will lift annual dyeing capacities from currently 7,900 tons to 15,800 tons, in-house weaving capacities from currently 11 million meters to 27 million meters and after-finishing capacities from currently 36 million meters to 72 million meters.

The new four-storey plant is built on a 55 acres land with gross floor area (GFA) of around 42,000 sqm, compared to the current four-storey plant built on 80 acres land in 2007 with 54,000 sqm GFA.

Fred Yang, CEO and founder of Firstextile AG comments: "This milestone of finishing the plant construction means that we are one more step closer to the goal of doubling our capacity. Next phase we will start ordering state of the art machineries and finish installation with top standard. As one of our most important strategies, the accomplishment of this capacity doubling project will contribute most to our performance growth in the near future."

The new plant construction till this stage has recorded a total cost of EUR 14.7 million, and overall associated capital expenditure in plant and machinery is expected to lie between EUR 35 million and EUR 45 million in the current financial year 2014.

Richard Cao, CFO of Firstextile AG, comments: "To manage these significant capital expenditures we decided to propose to the AGM to carry forward to new account the net profit reported in 2013. The expansion of the production capacity is our top priority and the crucial key factor for sustainable growth of our company."
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