Sri Lanka’s MAS Holdings aquires BAM knitting
ECONOMYNEXT – Sri Lanka’s MAS Holdings said it had acquired BAM Knitting (Pvt) Ltd, a fabric maker which can knit complicated structures and has printing and dyeing facilities.
MAS plans to appoint its own specialists to the company and expects synergies, including production capacity enhancements and collaborations on new product developments.
“It enables MAS to increase the verticality of our Sri Lankan operations and mitigates the increasing volatility of global supply chains and costs of logistics while increasing the overall value added by MAS,” said Suren Fernando, CEO of MAS Holdings said.
“It also highlights our continued confidence in Sri Lanka as a sustainable and competitive destination for apparel manufacturing, despite the ongoing economic challenges.”
The Thulhiriya-based BAM Knitting started in 2005, as the fabric manufacturing and finishing arm of BAM Holdings (Pvt) Ltd.
The firm is capable of manufacturing fabric and is able to dye both yarn and fabric, knit complicated structures and handle fabric printing.
“The acquisition by MAS will undoubtedly elevate the capabilities that were developed at BAM, and MAS’ lean manufacturing processes, product development expertise and strong people-centric ethos will surely transform the existing operation into a truly world-class business,” Amanda Fernando, the CEO of BAM Knitting said.
MAS said the acquisition of the BAM is part of its strategy to further strengthen operations in Sri Lanka, from where the company sources 50 percent of its raw material requirement, as a key hub for apparel products. (Colombo/ Aug 04/2022)
