Crailar secures extra funding and signs deal with Cotswold
13/02/2013
"This funding is an important step in the growth strategy for the company as we apply to move to a senior US exchange platform [a bigger stock market]," said Ken Barker, CEO of Crailar.
"The assurance that this provides to the public market, while we prepare to deliver finished fibre at increased capacities from our Pamplico, South Carolina, manufacturing facility, puts us in an ideal position for introduction on a more visible and globally accessible platform."
The company began production at the new facility in January, and aims to produce 36,000kg per week by the end of the month and then to level off 200,000kg per week. By the end of 2013, it anticipates achieving more than 450,000kg per week.
This week it announced a partnership with Cotswold Industries to make pocketing and waist banding for its branded apparel customers. Cotswold affiliate Central Textiles, also based in South Carolina, will be the primary conduit for the processing and weaving of Crailar flax fibre for the line.
"We continue to identify new market opportunities for Crailar that fit into both long-term category opportunities and increased brand awareness," said Ken Barker, CEO of Crailar. "Cotswold is exactly that kind of partner in terms of its work with global brands, its specialisation in the area we are developing with the company, and the opportunity to grow therein."
"We are excited to help develop and market such a truly sustainable, high strength and versatile fibre into our mass market channels," said James McKinnon, CEO of Cotswold Industries.
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