Israeli nylon manufacturer announces joint venture with Chinese firm
NILIT, which is a global leader in high-performance nylon fibers for the apparel industry, will partner with Chinese company Shenma to increase production capacity and expand into new fields
Israeli firm NILIT, a global leader in high-performance nylon fibers for the apparel industry, has announced a new joint venture with Shenma Industry Company, a global leader in the industrial nylon 6.6 market and a leading supplier to the automotive industry around the world.
The partnership involves multiple investments and cooperation designed to enhance production capabilities and deliver more innovative solutions to the textile industry, and promises new opportunities in the home textiles market and the automotive industry.
The joint venture agreement was signed in a ceremony in Shanghai on April 18 between Michael Levi, chairman of NILIT Group, and Li Mao, chairman of China Pingmei Shenma Group. The partnership promises mutual benefits with new market access for both parties and help navigating regulation from the local partner in China.
A new factory will be built in Pingdingshan, China, according to NILIT's sustainability standards for environmentally responsible production. In addition, NILIT is also planning to double production capacity at its existing production site in Suzhou in order to meet increased demand for its products.