Turkish Netex Plans to Buy Textile Factory in Gumri

YEREVAN (Armenpress)–The textile factory in the second-largest Armenian town of Gumri–that has been standing idle for years–is likely to go to the Turkish Netex company–the semi-weekly Golos Armenii reports. The representatives of Netex visited the factory recently which was one of the biggest in the former USSR–to continue negotiations.

If the talks yield a positive outcome–the Turkish Company will modernize the enterprise investing around $1 million in the first year and creating 300 new jobs. According to preliminary estimation–the factory will produce $2 million worth of output in the first year.

In the course of the second year the amount of investmen’s will reach $2 million and another 700 jobs will be created with $5 million worth of output.

It is not clear what amount of shares will be given to the Turkish company. It is quite likely that all 100 percent of shares will go to Netex.

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