Meridian Specialty Yarn Group, Inc. to setup up new textile facility at an investment of USD 8 million

According to a TechSci Research report “United States Textile Chemicals Market Forecast and Opportunities, 2020”, the textile chemicals market in the US is expected to cross USD2.6 billion by 2020 on account of growing preference for high quality textile products in the country. Additionally, technical textiles are projected to be one of the fastest growing segments in the US textile chemicals market through 2020.

Meridian Specialty Yarn Group, Inc. a US based specialty yarn manufacturer is planning an expansion of its existing production facility in North Carolina. The construction of 113,000 square feet of this facility is expected to start by the end of 2016 at an investment of USD8 million. This project would also include renovation of company’s existing 152,000 square feet facility. Both the projects are expected to be complete by the end of 2017. During renovation and setup of new facility some of the sections of the existing facility would be removed and post completion of the project, the company would have cumulative production and warehouse space of 260,000 square feet.

The company has its production plants located in Ranlo and Valdese in North Carolina, which specializes in manufacturing of novelty yarn and yarn dyeing. The expansion of Valdese facility would further strengthen the company’s production and dying capabilities of yarn.

TechSci Research depicts that the expansion strategy of Meridian Specialty Yarn Group, Inc. would strengthen the position of the company in the US textile industry. Over the last eight years, other US based textile companies have either shut down their facilities or shifted production base to other countries. However, MSYG has continued to expand its presence in the North American as well as global textile industry.