Gunze to make socks here

Gunze to make socks here

JAKARTA (JP): Gunze Ltd. of Japan signed a joint venture
agreement here yesterday with PT Great River Industries to
produce socks with an investment of US$10.2 million.

Under the agreement signed by Gunze's president, Yoshiaki
Hamura, and Great River's president, Sunjoto Tanudjaja, the joint
venture will set up a factory on a 14,000-square-meter area in
Cikarang, east of here, with a production capacity of 3.5
million pairs per annum.

The joint venture, 70 percent owned by Gunze and 30 percent by
Great River, will export about two thirds of its products and
sell the remainder on the domestic market.

"We expect that the venture's annual sales will reach $5
million after three years of operation," he said at the ceremony,
which was attended by Minister of Industry Tunky Ariwibowo. (riz)