A Memorandum of Understanding (MoU) was signed between the Government and Nylon Knitting in Qormi,on January 31.
It states that the company will invest Euro 43 million for the manufacturing plant in Malta during 2008-2011 period, in line with their new Business Plan. This information was provided by the Minister for Investment, Industry and Information Technology, the Hon. Austin Gatt, together with Nylon Knitting Chairman, Mr Luigi Pezzoli.
The investment announced is another turning point for the company. The investment will be in phases that include the expansion of the knitting department and the complete replacement of old technology including machinery and equipment.
In 1998, it had invested 7 million in machinery and equipment and another 55 million over the following 10 years.
The plant was set up in 1963. The Italian owned company has committed to retain its current 322 employees until 2017 and increase its workforce to 400 by December 2011. The investment shows that the company has a prosperous future.