Gunze will establish a joint venture in Indonesia in April to manufacture, sell, and export socks. The aim is to strengthen its production base to expand its share of the domestic sock market and avoid the risks of a concentrated production system in China.
The new joint venture will be named "PT. RICKY GUNZE." It will be located at JL INDUSTRI NO. 54, TARIKOLOT-CITEUREUP, BONGOR REPUBLIC OF INDONESIA. It will be capitalized at $1.25 million, with Gunze contributing 35% and local subsidiary P.T. RICKY PUTRA GLOBALINDO TBK contributing 65%. Operations are expected to begin in July of this year.
In addition, in conjunction with the establishment of this joint venture, Gunze will invest 300 million yen in its existing Indonesian sock production subsidiary, P.T. Gunze Socks Indonesia (President: Yukiya Takemura), to increase production. This investment is expected to increase production capacity by 50%.
Our joint venture partner, P.T.RICKY PUTRA GLOBALINDO TBK (President: Paulus Gunawan), was established in 1987. It is headquartered in Jakarta and is engaged in clothing manufacturing and spinning.
The new joint venture will be named "PT. RICKY GUNZE." It will be located at JL INDUSTRI NO. 54, TARIKOLOT-CITEUREUP, BONGOR REPUBLIC OF INDONESIA. It will be capitalized at $1.25 million, with Gunze contributing 35% and local subsidiary P.T. RICKY PUTRA GLOBALINDO TBK contributing 65%. Operations are expected to begin in July of this year.
In addition, in conjunction with the establishment of this joint venture, Gunze will invest 300 million yen in its existing Indonesian sock production subsidiary, P.T. Gunze Socks Indonesia (President: Yukiya Takemura), to increase production. This investment is expected to increase production capacity by 50%.
Our joint venture partner, P.T.RICKY PUTRA GLOBALINDO TBK (President: Paulus Gunawan), was established in 1987. It is headquartered in Jakarta and is engaged in clothing manufacturing and spinning.
