Cone Denim Nicaragua Inks $37 Million (USD) Loan
19 December 2007 Gary Smith, executive vice president and CFO of ITG, said, “We are excited about our partnership with the IIC and the Nicaraguan banks to finance the CDN project. We believe that the CDN project and the financing support within the region is the model for future investments in the region by other companies seeking to realize upon opportunities in Central America to competitively supply the U.S. market.”
Matt Haynes, Vice President Denim Manufacturing – Latin America, further commented, “We are also very excited about our Cone Denim Nicaragua facility and the value and capabilities it will provide to our customers in the Central American supply chain. Construction and start-up of the CDN facility are underway and we expect to be producing high-quality denim by the first quarter of 2008.”
Located near Managua, Nicaragua, the new plant will feature state-of-the-art manufacturing equipment to process raw cotton through finished fabric. When fully operational, the plant will have a capacity of around 28 million yards annually and will employ about 850 people.
Established in 1891, ITG Cone Denim has built a reputation for innovation, authenticity, quality and service in its 100-year-plus history. The company has operations in the U.S., Mexico, Turkey and India, and has expansion initiatives underway in Central America and China to provide broader service and flexibility to customers worldwide.
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