Nylon Knitting is to invest €43 million over the next three years, the company and the Ministry for Investment and IT announced in a joint statement this afternoon.
Nylon Knitting Chairman Luigi Pezzoli and minister Austin Gatt toured the factory this morning after signing a memorandum of understanding on the investment.
The Italian owned company committed itself to retain its current 322 employees until 2017 and increase its workforce to 400 by December 2011.
“The investment announced today is another turning point for Nylon Knitting. The investment of €43 million will be in phases that include the expansion of the knitting department and the complete replacement of old technology including a substantial investment in machinery and equipment” the company said.
Nylon Knitting was set up in 1963 and has a factory in Qormi.