Gyumri the second-largest city in Armenia, located in the Shirak Province in the northwestern part of the country, and it was formerly known as the center of Armenia’s textile industry. Today most of the remaining textile companies focus on hosiery and underwear and some new clothing brands are carving out niches for themselves. Amongst these is the company Svet-Teks LLC. With around 50 employees, the company has established itself in the market for baby and children’s wear made of knitted textiles.
During the Covid period, the company even launched a modest on-line business to keep up sales of products manufactured under the hygiene restrictions in place at that time. Svet-Teks employs mostly women and invests substantially in training as well as development schemes aimed at employee motivation and retention. As a result, the company ranks highly on recruitment portals.
The company upgraded its production facilities with the investment in 131 new sewing machines and two new compressors, financed under a leasing agreement and using the simple LET process. Apart from improving its occupational health and safety standards, its product quality and meeting machine related EU directives, the company also benefits from some modest energy savings generated by the modern and more efficient machines.
Eligible investment cost | USD 143,078 |
Investment grant | USD 14,308 |
Primary energy use avoided | 32.4 MWh/year |
GHG emissions avoided | 5.6 tCO2/year |
