MAS Holdings, one of Sri Lanka’s largest fabric and clothing manufacturers has acquired vertically integrated knitted fabric manufacturer BAM Knitting, in line with its strategy to further strengthen operations in its domestic market.
The Thulhiriya-based BAM Knitting was founded in 2005, as the fabric manufacturing and finishing arm of BAM Holdings. It specialises in fabric production while also operating yarn and fabric dyeing capabilities as well as printing facilities.
MAS already source more than half the raw materials for its apparel manufacturing operation from Sri Lanka. As such the deal represents an opportunity to enhance its vertical integration capability while also offering a range of synergies, including production capacity growth and collaborations on new product developments.
Announcing the deal, Suren Fernando, CEO of MAS Holdings said the deal would enable MAS to increase the verticality of its Sri Lankan operations and mitigated the increasing volatility of global supply chains and costs of logistics while increasing the overall value added by MAS. “It also highlights our continued confidence in Sri Lanka as a sustainable and competitive destination for apparel manufacturing, despite the ongoing economic challenges,” he said.
Amanda Fernando, the CEO of BAM Knitting added: “The acquisition by MAS will undoubtedly elevate the capabilities that were developed at BAM, and MAS’ lean manufacturing processes, product development expertise and strong people-centric ethos will surely transform the existing operation into a truly world-class business.”
MAS Holdings, one of Sri Lanka’s largest fabric and clothing manufacturers has acquired vertically integrated knitted fabric manufacturer BAM Knitting, in line with its strategy to further strengthen operations in its domestic market.
