[Provided by Youngone]
[Provided by Youngone]

Youngone signed a memorandum of understanding Thursday with Sam S Machinery, a domestic manufacturer specializing in circular knitting machines, at Youngone's Myeong-dong office in Jung-gu, Seoul.

Under the agreement, Youngone will introduce 180 domestically made circular knitting machines at its global production bases in Uzbekistan, India and Kenya over the next two years. The total project value is about 10 billion won ($7.02 million). Sam S Machinery will supply the machines to Youngone's overseas facilities on a rolling basis.

Park Jae-yong, president of Youngone's textile business division, said the agreement goes beyond a simple equipment purchase. "This is a starting point for practicing mutual growth with Korea's textile machinery industry and jointly strengthening the competitiveness of our global supply chain," he said. "We will continue to work with domestic companies to build a stable supply chain."

Cho Seong-hwan, chief executive of Sam S Machinery, welcomed the deal. "Signing this long-term supply contract with Youngone is recognition of our technological capability and quality competitiveness," he said. "We will do our utmost to reliably supply knitting equipment to Youngone's global production bases."

Meanwhile, Youngone produces apparel and gear in collaboration with outdoor brands at its global manufacturing bases in Bangladesh, Vietnam and Uzbekistan. The company also produces its own raw materials through a vertically integrated system.


andy@heraldcorp.com