Latest news with #yarn
Zawya
a day ago
- Business
- Zawya
Egypt: SCZone, ULUSOY Tekstil ink $18mln deal to establish yarn manufacturing project in Qantara West
Arab Finance: The Chairman of the General Authority of the Suez Canal Economic Zone (SCZone) Waleid Gamal El-Dien signed a contract with Turkish company ULUSOY Tekstil San. Tic. A.? to establish a yarn and thread manufacturing project in the Qantara West Industrial Zone, as per a statement. The factory will span 35,000 square meters, with investments amounting to $18 million, approximately EGP 902 million. It is expected to provide around 855 direct job opportunities. The project will produce a variety of yarns, including carpet yarns, hand-knitting yarns, knitting yarns, and crochet yarns, as well as garments, with 80% of production allocated for export and 20% for the local market. Gamal El-Dien emphasized that spinning and weaving projects continue to consolidate Qantara West's position as a regional hub for the yarn and ready-made garment industries. He noted the area's strategic location, connected infrastructure, and integrated supply chains as key enablers for attracting specialized, export-oriented investments. With this latest addition, the number of contracted projects in Qantara West has reached 24, bringing total investments to $661.5 million and generating 34,455 direct job opportunities. The initiative is part of the authority's broader strategy to support export industries, deepen local manufacturing, and localize supply chains, enhancing the industrial sector's contribution to Egypt's gross domestic product (GDP). ULUSOY Tekstil, founded in Turkiya in 1986, operates two major industrial facilities and is considered one of Europe's largest producers of luxury yarns, with a monthly output exceeding 1,000 tons exported globally. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
a day ago
- Business
- Zawya
Egypt's SCZONE signs $18mln agreement with Turkish Ulusoy to establish yarn factory in West Qantara
Egypt - Waleid Gamal El-Din, Chairperson of the Suez Canal Economic Zone (SCZONE), signed an agreement on Wednesday with Turkish company Ulusoy Tekstil San. Tic. A.Ş to establish a yarn and textile production factory in the West Qantara Industrial Zone. Spanning 35,000 square metres, the project will see total investments of $18m (approximately EGP 902m), fully self-financed by Ulusoy. It is expected to create around 855 direct job opportunities. The new factory will produce a variety of yarns—including fibre yarns, carpet yarns, hand-knitting yarns, tricot yarns, and household crochet yarns—alongside the manufacturing and weaving of ready-made garments. The company plans to allocate 80% of its production for export and 20% to the domestic market. The agreement was signed by Mohamed Ulusoy, legal representative of the company, in the presence of several SCZONE officials and company executives. Gamal El-Din praised the growing status of the West Qantara Industrial Zone as a regional hub for the textile, spinning, and ready-made garment industries. He highlighted the zone's strategic advantages, including an integrated supply chain, robust infrastructure, and a prime location connected to SCZONE's port network and logistics corridors. He noted that this project builds on the zone's success in attracting high-quality international investments, citing Egypt's stable business environment and the attractive incentives offered by SCZONE. 'This investment reflects the zone's appeal to labour-intensive, export-oriented industries that generate local added value,' he said. The Ulusoy project is the 24th agreement signed within the West Qantara Industrial Zone, raising total investments in the area to $661.5 million and bringing the number of direct jobs created to 34,455. Gamal El-Din said the deal demonstrates the success of SCZONE's strategy to support export-driven industries, deepen local manufacturing, and localise supply chains across the textile sector—from raw materials to yarn, textiles, and finished garments. Founded in 1986, Ulusoy is one of Europe's largest producers of high-quality yarns. It operates two fully integrated production facilities in Turkey: one in Adana Hacı Sabancı Industrial Zone covering 180,000 sqm, and another in Osmaniye Industrial City spanning 90,000 sqm. The company has a monthly production capacity of over 1,000 tonnes and exports its products to global markets. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
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The Independent
06-06-2025
- Business
- The Independent
Michaels (literally) owns Joann fabrics after craft store buys bankrupt store's property and brands
Michaels now owns Joann - literally. The craft giant cashed in on the demise of Joann, formerly known as Jo-Ann Fabrics, in a recent purchase of its intellectual property and private-label brands. The acquisition, announced Friday, includes the beloved Big Twist line of yarns and other flagship labels from the now- bankrupt retailer. Its latest development in Joann store's bankruptcy announced earlier this year. Joanns announced it would be closing all its stores. Michaels responded with savage posts trying to woo Joann customers to its stores. Now, all Joann's private brands, such as Big Twist Value Plus, Big Twist Twinkle, Big Twist Posh and Big Twist Baby Bear, are now under Michaels' ownership. These products will be available in-store and online later this year. Michaels also plans to expand its fabric, sewing, and yarn offerings by introducing over 600 new items, including sewing machines from Brother and Singer, Oliso Smart Irons, and needlecraft kits from DMC and Loops & Threads. 'Fabric' searches on have jumped 77 percent in the past year while 'sewing' has increased by 39 percent, prompting the company to expand its selection in hundreds of stores and counting, according to a news release. "This acquisition allows us to better serve both new and existing customers, respond to rising demand across categories, and build on our momentum as the destination for creating and celebrating in North America," Michaels' CEO David Boone said in the release. The release also offers a 'special welcome for JOANN customers,' and directs them to a dedicated landing page on the Michaels website for Joann-like items, including fabric, sewing, and yarn. There are 1,300 Michaels locations across 49 US states and Canada. Joann closed all of its 800 stores in 49 states in May after filing for Chapter 11 bankruptcy for the second time in January. Last month, Michaels' website threaded insult into injury for Joann customers as the latter prepared to be gone for good.
CTV News
03-06-2025
- Business
- CTV News
Spinrite closing Listowel store
Teal yarn and a red crochet hook are seen in this undated stock image. (Castorly Stock/ Local crafters may have to shop online or look elsewhere for yarn as a staple of the Listowel community announced it is closing its doors. In a social media post on Tuesday, the Municipality of North Perth responded to news the Spinrite Manufacturing Facility and Retail Store is closing. 'For over 73 years, Spinrite has been an integral part of our community's identity. Spinrite is a valued corporation, a major employer, and a destination for many through its annual yarn sale. This news is shocking, and we recognize the significant impact this will have on individuals, families and the broader community,' the post read. According to the company's website, Spinrite was founded in Listowel in 1952 by David Hay. Their products are sold in many stores, including Walmart, Amazon and Micheals. Their annual yarn sale also hooked avid knitters and crafters, as well as drawing people to the area. This year's event was held online only, with a social media post from the company stating the decision was made due to safety issues at a new location for the popular sale. More than 100 employees affected According to the municipality's post, approximately 140 employees will soon be out of work. 'We have appreciation that some of the administrative, marketing and sales roles will remain in North Perth. I am saddened to learn that the store will also close, though on a timeline different than the factory closure,' Mayor Todd Kasenberg said in the post. The municipality, he added, will be 'assertive' in supporting the affected employees. CTV News has reached out to Spinrite.
Zawya
16-05-2025
- Business
- Zawya
Egypt's Oriental Weavers launches new polyester yarn dyeing unit
Egypt - Oriental Weavers has launched a new polyester yarn dyeing unit at Oriental Weavers International, in the 10th of Ramadan area, with EGP 50 million in total investments, as per an emailed press release. The unit aligns with the company's ongoing efforts to boost production efficiency and improve its ability to meet growing demand. Equipped with modern machinery, the unit has four soft winding machines, a dyeing machine, a rinsing unit, a drying unit, and four final winding machines. Designed to meet approximately 25% of the company's polyester yarn needs, it has a daily production capacity of up to 4.75 tons. It will enable Oriental Weavers to enhance quality control, cut production costs, and respond more swiftly to market demands. The new unit also features high energy and water efficiency compared to traditional dyeing methods, contributing to a reduced carbon footprint across Oriental Weavers' industrial operations. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
