COURTAULDS IN JOINT VENTURE FOR TEXTILE PLANT IN CHINA

LONDON--Marking its first operation in China, Courtaulds Textiles PLC has agreed to establish a knitted fabric joint venture there, with an investment of $20 million over the next three years.
The U.K. textiles and apparel group will own 85 percent of the company, which will be in Nanjing. The remaining equity will be held by the Jiangsu Provincial Textiles Bureau.
The company will be called Penn China and will knit, dye and finish fabric for the lingerie and automotive trim markets.
Courtaulds Textiles said production will begin at the new factory in early 1996. Initial production volumes have not been established, a spokeswoman said.
Penn China will be supported by a management team and training program provided by Penn Nyla, the group's U.K.-based knitted fabric business.
The China venture adds another dimension to Courtaulds Textiles' international spread, which already counts operations in the U.S., the U.K., France, Germany, Spain, the Philippines and a joint venture in Thailand.
--Fairchild News Service

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