News / Local
'National Blankets out of the woods'
12 Dec 2021 at 14:35hrs | Views
NATIONAL Blankets Ltd in Bulawayo requires a capital injection of US$1,5 million to operate optimally.
The company's business development manager Shepherd Nyambirai said this during a tour of the factory by Presidential Affairs and Monitoring Implementation of Government Programmes minister Joram Gumbo yesterday.
The company was removed from judicial management last year and is now on the rebound after it successfully dodged liquidation.
Nyambirai told Southern Eye that the company is out of the woods, but requires US$1,5 million capital investment to reach full potential.
"Having dodged liquidation, the company is now out of judicial management and that is a milestone. Our target going forward is to produce continuously around the clock and we need working capital of US$1,5 million," Nyambirai said.
"We have rebranded our products to ensure they meet ever-changing needs of the market and we are running back to school promotions by producing school blankets,'' Nyambirai said, before appealing to the government to enforce Statutory Instrument 122/17 which bars the importation of cheap products from neighbouring countries to protect local industry.
"During the initial stages of our company revival, we are experiencing intermittent stops in the production section due to a long procurement lead-time of approximately 60 days.
"This is due to the fact that our raw materials, which are synthetic in nature, come from Europe and Asia. We are also introducing outdoor blankets, as well as fashion products like ponchos,'' he said, adding that the company had a staff complement of 30.
Gumbo said his visit would enable him to brief President Emmerson Mnangagwa on challenges facing local companies.
"Furthermore, the (visits) facilitate evidence-based decision-making and the exploration of possible interventions by the government where challenges are identified,'' he said.
The company's business development manager Shepherd Nyambirai said this during a tour of the factory by Presidential Affairs and Monitoring Implementation of Government Programmes minister Joram Gumbo yesterday.
The company was removed from judicial management last year and is now on the rebound after it successfully dodged liquidation.
Nyambirai told Southern Eye that the company is out of the woods, but requires US$1,5 million capital investment to reach full potential.
"Having dodged liquidation, the company is now out of judicial management and that is a milestone. Our target going forward is to produce continuously around the clock and we need working capital of US$1,5 million," Nyambirai said.
"During the initial stages of our company revival, we are experiencing intermittent stops in the production section due to a long procurement lead-time of approximately 60 days.
"This is due to the fact that our raw materials, which are synthetic in nature, come from Europe and Asia. We are also introducing outdoor blankets, as well as fashion products like ponchos,'' he said, adding that the company had a staff complement of 30.
Gumbo said his visit would enable him to brief President Emmerson Mnangagwa on challenges facing local companies.
"Furthermore, the (visits) facilitate evidence-based decision-making and the exploration of possible interventions by the government where challenges are identified,'' he said.
Source - NewsDay Zimbabwe
