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Unifi targets Central American textile market

US-based yarn manufacturer Unifi has announced plans to form a new joint venture in Guatemala.

The company said it has signed a “non-binding” letter of intent with the owners of two Guatemalan companies, Complast and TTA, which already have recycling and spinning operations in the country. 

Complast owns and operates a bottle processing facility and produces flake and chip under the EuroPET brand name. TTA produces polyester POY and textured yarn under the EuroFIL brand name. The joint venture would see the two companies continue these activities.

Under the terms of the agreement, Unifi would take a 51% stake in the joint venture, with its partners owning the remaining share.

Unifi explained that the joint venture is being launched due to the importance of the Central American textile market to the company. It expects the move to allow it to expand the “geographic footprint” of its Repreve brand of recycled fibres. 

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