15th November 2022, Colombo: Earlier this year, MAS Holdings created a new venture when it acquired the assets of BAM Knitting (Pvt) Ltd, a leading fabric knitting and finishing operation in Sri Lanka. Following the acquisition, the new venture was recently rebranded as TEXO (Pvt.) Ltd. Launching its new identity at an event held on the 4th of November 2022, the Group CEO of MAS Holdings, Suren Fernando, laid the foundation stone for the expansion of the TEXO facility located inside the MAS Fabric Park in Thulihiriya.
The new venture further enhances MAS’ capabilities in the knitting, dyeing, and printing space for cotton fabrics and expands its backward vertical integration in the country.
The acquisition is a part of MAS’ strategy to strengthen operations in Sri Lanka, where the company sources 50% of its raw material requirement as a key hub for complex apparel products. As part of this strategy, MAS will continue to optimise and grow its capacity in the country, focusing on aggressive productivity improvements and increased agility, further establishing MAS’ position as Sri Lanka’s leading clothing manufacturer.