Sri Lanka’s largest export firm, MAS Holdings, is set to acquire an apparel manufacturing factory in the United States for US $ 20 million, marking the homegrown apparel giant’s first foray into production in the western hemisphere.
Colombo-based private equity fund, Jupiter Capital Partners, in its monthly bulletin said MAS Holdings subsidiary, MAS Capital, has closed a deal to acquire the manufacturing assets of Acme-McCrary Corp, based in Asheboro, North Carolina.
The US manufacturer produces tights, sheers and other seamless apparel and is one of a handful of such manufacturers in the country after most competitors went out of business in recent decades. MAS will be acquiring Acme-McCrary’s textile mill in Asheboro, which was established 108 years ago, has historical significance and was added to the US National Register of Historic Places in 2014.
According to foreign media reports, the agreement is expected to be signed this month.
The reports further stated that US $ 300,000 in incentives was approved by the local governments, subject to MAS expanding Acme-McCrary’s manufacturing capacities and creating at least 133 new jobs at an average wage of US $ 30,637, while retaining the current jobs.
Acme-McCrary was the sole producer of the popular Spanx-branded hoses until a few years ago and is still engaged in product development for the brand. MAS has had a small account of Spanx for a few years now.
MAS Chairman Mahesh Amalean in a statement had said that the group’s entry into the western hemisphere allows it to increase the degree of speed and flexibility in which it engages with its customers.
Acme-McCrary also has production facilities in the US state of Georgia and the Central American country, Honduras.
MAS employs over 80,000 personnel across over 45 facilities in 15 countries and exports products mainly to the US and Europe.