Jerash Holdings Completes Purchase of Land and Building in Amman, Jordan

Rhea-AI Summary

Jerash Holdings (NASDAQ:JRSH) has completed the acquisition of a 71,000 square-foot factory in Amman, Jordan, for $2.7 million. This facility houses the recently acquired MK Garments factory, which Jerash has been operating since August 2021. With this purchase, Jerash strengthens its manufacturing capabilities, catering to brands like The North Face, New Balance, and Calvin Klein. The company currently employs approximately 5,800 employees across its existing facilities, enhancing its footprint in the garments industry.

Positive

• Completed acquisition of a 71,000 square-foot factory for $2.7 million, enhancing manufacturing capabilities.
• Strengthened operational control over the MK Garments facility, previously transitioned to Jerash's production.
• Established partnerships with leading global brands such as VF Corporation, New Balance, and Skechers.

Negative

• None.

Company Has Occupied and Operated the Manufacturing Facilities at Property Since Acquiring MK Garments Last Year in Separate Transaction

FAIRFIELD, NJ / ACCESSWIRE / August 25, 2022 / Jerash Holdings (US), Inc. (NASDAQ:JRSH) (the "Company" or "Jerash"), which manufactures and exports custom, ready-made, sports and outerwear for leading global brands, today announced its wholly owned subsidiary, Jerash Garments and Fashions Manufacturing Co., Ltd., has completed the previously announced purchase agreement with Kawkab Venus Al Dowalyah Lisenaet Albesah for the 71,000 square-foot factory building and land, which house the Company's latest acquired MK Garments factory, in Amman, Jordan, for $2.7 million in cash.

Jerash took over production at the MK Garments facility and its 500 employees in August 2021 and completed the acquisition in October 2021. Since, the Company has fully transitioned the facility to manufacture products for Jerash's customers.

About Jerash Holdings (US), Inc.

Jerash Holdings (US), Inc. manufactures and exports custom, ready-made, sportswear and outerwear for leading global brands and retailers, including VF Corporation (which owns brands such as The North Face, Timberland, and Vans), New Balance, G-III (which owns brands such as Calvin Klein, Tommy Hilfiger, DKNY, and Guess), American Eagle, and Skechers. Jerash's existing production facilities comprise six factory units and four warehouses, and Jerash currently employs approximately 5,800 people. Additional information is available at www.jerashholdings.com.

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Contact:
PondelWilkinson Inc.
Judy Lin Sfetcu or Roger Pondel
310-279-5980
jsfetcu@pondel.com

SOURCE: Jerash Holdings (US), Inc.

View source version on accesswire.com:
https://www.accesswire.com/713414/Jerash-Holdings-Completes-Purchase-of-Land-and-Building-in-Amman-Jordan

FAQ

What did Jerash Holdings announce on August 25, 2022?

Jerash Holdings announced the completion of its acquisition of a 71,000 square-foot factory building in Amman, Jordan, for $2.7 million.

What is the significance of Jerash's acquisition of the MK Garments factory?

The acquisition enhances Jerash's manufacturing capabilities and allows for increased production for leading global brands.

How many employees does Jerash Holdings have?

Jerash Holdings employs approximately 5,800 people across its existing facilities.

What brands does Jerash Holdings manufacture for?

Jerash manufactures for brands such as The North Face, New Balance, and Calvin Klein.

What is Jerash Holdings' stock symbol?

The stock symbol for Jerash Holdings is JRSH.