From left: Acme McCrary CEO Neal Anderson, Acme McCrary Chairman Bill Redding, MAS Holdings Chairman Deshamanya Mahesh Amalean, MAS Holdings COO Shirendra Lawrence, Acme McCrary President Donnie White and MAS Western Hemisphere Strategy CEO Ramesh Fernando
The Sri Lankan apparel major, MAS Holdings, which has extensive operations in the South Asian region, has taken a significant step as it sealed its commitment to become the first Sri Lankan apparel group to commence manufacturing in the United States.
MAS Holdings will achieve this through the acquisition of the business operations of Acme McCrary Corporation, which is established in North Carolina.
Its Western Hemisphere Organisation will operate in four locations. The existing manufacturing facilities in Asheboro, North Carolina, USA and Choloma, Honduras will be upgraded and complemented by a brand-new facility in the Caracol Industrial Park in Northern Haiti.
In addition, the collaboration includes a distribution centre, also in Asheboro.
The four facilities, totalling over 800,000 square feet, will add immense value to MAS, complementing its Sri Lanka and wider offering to its US Customers with an ‘on-shore and near-shore’ strategy, to deliver speed and flexibility, enabling the organisation to react rapidly to the dynamic market environment.
According to foreign news reports, the acquisition has a price tag of US $ 20 million.
It is noteworthy that MAS’ recent global expansion announcements come in the backdrop of a significant investment it made earlier this year in Sri Lanka, pledging over US $ 28 million for export-oriented projects at the new MAS Fabric Park Giriulla, in Sri Lanka.
The 42-acre facility is expected to create over 3,000 direct employment opportunities in three years of operations.
Commenting on the venture, MAS Holdings Chairman Deshamanya Mahesh Amalean said, “As a continuously evolving organisation, we are constantly looking to transform our design and manufacturing landscape to best represent the dynamic interests of our customers.
The need for a robust model that enhances speed of response and cost competitiveness without compromising quality, to ultimately provide winning product creations for our customers, has always been at the core of our business principles. Bringing the strength of MAS Holdings together with Acme McCrary Corporation’s 100-year heritage will provide our customers with a unique value proposition, which we are honoured to champion, going forward.”
Since its humble beginnings in 1987, MAS Holdings has significantly expanded its operations in Sri Lanka and employs over 70,000 associates on the island, in 40 locations. Its international expansions have added a further 15,000 associates in 14 countries, prior to these new investments.
MAS is a globally recognised concept-to-delivery solutions provider, with an ecosystem of design offices, apparel plants, an integrated supply chain, customised IT solutions for the apparel and footwear industry, private Industrial Parks and retail brands.