The Shuyskie Sitsy (Shuya Chintzes) weaving factory has opened a new production facility in Furmanov, Ivanovo Region.
The investment in the project reached RUR 1 bln ($15 mio) and was used to purchase 97 Picanol weaving machines, textile sizing machines, Ramallumin warping machines, as well as other equipment. It will allow the factory to boost production and expand the product range.
This is the first stage of the investment project: its total cost will exceed RUR 2 bln. According to Shuyskie Sitsy head Anna Bogadelina, the Russian Ministry of Industry and Trade and provided a subsidy and the Industrial Development Fund provided a loan, worth total of RUR 500 mio. Ivanovo Region Governor Stanislav Voskresensky has already visited the new factory.