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Hong kong's addchance opens $20 mln garment factory in cambodia

Hong kong's addchance opens $20 mln garment factory in cambodia Source:
Date: 20-11-2013
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Hong Kong's Addchance Holdings Ltd says it has opened a $20 million garment factory in Cambodia to produce sweaters and socks for Europe and other markets.
The company, which already operates the River Rich and Winner knitting mills in Cambodia in addition to other plants in southern and eastern China, said the new plant had 700 workers producing 250,000 sweaters a month.
In a statement released in Hong Kong Thursday, Addchance said the new "green" factory was inspired by British retailer Marks and Spencer and would boost group sweater production capacity by 20 percent.
The statement noted that Cambodia enjoyed import tariff concessions from Europe and Japan which strengthened its competitive advantages.
"Against the backdrop of surging raw material prices and uncertain global economic environment, we believe the Green Factory can further strengthen our competitive advantage in capturing more orders from the countries that impose strict regulations of environment protection such as Europe, Australia and Japan," it said.
Addchance added that it would launch new products with higher sales prices to optimize its overall pricing strategy.
"We expect the Green Factory will be able to drive more demand from our world-renowned European and other overseas clients which will become our core drive of growth in future," chairman Henry Sung said.
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