MAS Holdings has launched a new venture by acquiring the assets of BAM Knitting, a leading fabric manufacturing and finishing operation in Sri Lanka. MAS Holdings takes the majority stake in the new venture, with BAM Knitting as its joint venture partner.
The new joint venturewill benefit from the technical resources and expertise of MAS, following the appointment of MAS specialists to key roles in the company, as well as MAS’ vast global experience in apparel and textile manufacturing. Significant synergies are expected from the acquisition, including production capacity enhancements and collaborations on new product developments.
SurenFernando, CEO, MAS Holdings, says, the acquisition enables MAS to increase the verticality of its Sri Lankan operations and mitigates the increasing volatility of global supply chains and costs of logistics while increasing the overall value added by MAS. It also highlights our continued confidence in Sri Lanka as a sustainable and competitive destination for apparel manufacturing, despite the ongoing economic challenges.
This new investment also serves as an endorsement of MAS’ continued confidence in the Sri Lankan apparel industry, especially at a time the island nation is undergoing many economic challenges,” Fernando adds
Amandha Fernando, CEO, BAM Knitting, who will be at the helm of the new organisation, adds, the acquisitionby MAS will undoubtedly elevate the capabilities that were developed at BAM, and MAS’ lean manufacturing processes, product development expertiseand the strong people-centric ethos will surely transform the existing operation into a truly world-class business.