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Article: Novel Denim Holdings Limited Announces Production Disruption in Madagascar and Mauritius.
- Article from:
- Business Wire
- Article date:
- March 28, 2002
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Business Editors
HONG KONG--(BUSINESS WIRE)--March 28, 2002
Novel Denim Holdings Limited (Nasdaq: NVLD) announced that following the close monitoring of the political situation in Madagascar since early February, it has decided to close both its woven and knit operations in Madagascar and transfer its woven production to Mauritius and South Africa.
For the third quarter of fiscal 2002, Madagascar generated approximately 20% of total sales and operated at a loss.
"The political situation in Madagascar has deteriorated since February and has created a number of significant operational difficulties," explained Mr. K.C. Chao CEO of Novel ...