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Grupo Karim's Acquires Cone Denim Mills Nicaragua

Grupo Karim's, Honduras — a manufacturer of private-label textile products — has acquired Cone Denim Mills Nicaragua from Cone Denim, Greensboro, N.C., a division of International Textile Group, for $35 million. The acquisition adds woven fabric and garment production to Grupo Karim's knit operations.

Operations at the Cone facility, which has spinning through finished denim fabric capabilities and production capacity of 28 million yards annually, are expected to resume in January 2014 under the name Pride Denim Mills. The facility initially will employ 600 workers and is expected to add some 1,400 more jobs as cut, sew and washing operations are added over the next two to three years.

Grupo Karim's reports the acquisition makes it the only company in the region to be completely vertically integrated from yarn to finished garments in cotton, synthetic sportswear, jeans and twill bottoms.

Earlier this year, the company acquired South Korea-based Woongchun Textech Co. Ltd.'s warp- and circular-knit operations in Honduras. That plant now operates under the name Pride Performance Fabrics and has a monthly capacity of more than 5 million pounds of cotton and synthetic fabrics.

Grupo Karim's expects to complete its acquisition of Kenosha, Wis.-based Jockey International's Jockey de Honduras production facilities by the end of this year.

November/December 2013