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)