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LANGUAGE
HKPC Announces Closure of CTDC
The Hong Kong Productivity Council (HKPC) announced at its Council meeting today (17 July 2007) the closure of the Clothing Technology Demonstration Centre Company Ltd (CTDC), a subsidiary company of HKPC. CTDC would cease to operate on 31 October 2007.
Following the review of the roles and functions of CTDC, its Board of Directors concluded that there was a substantial and continuous decline in industry's demand for real-time demonstration of clothing technologies, which was the public mission of the CTDC. The significant drop in demand for CTDC's services was caused mainly by the relocation of local clothing and textiles manufacturing facilities to the Mainland and other Asian countries in recent years.
At present, the CTDC has a total of 22 staff. The compensation package for them will comprise the statutory severance compensation as well as an additional ex-gratia compensation. In addition, HKPC will also coordinate with the Labour Department, the Employees Retraining Board and relevant industry organizations to provide information on potential job and retraining opportunities as well as necessary assistance to the staff members concerned.
HKPC has appointed Ernst & Young Transactions Ltd as the independent liquidator to make all necessary arrangements and handle all matters related to the closure of CTDC.
As an industry support organization, HKPC will continue to enhance the competitiveness of textiles and clothing enterprises of Hong Kong through its multi-disciplinary services, along with other relevant organizations, such as the Hong Kong Research Institute of Textiles and Apparel and the Clothing Industry Training Authority.
For media enquiries, please contact:
HKPC
Ms Betty Lee
General Manager
Corporate Communications
Tel: (852) 2788 5055
Fax: (852) 2788 5056
E-mail: justina@hkpc.org
Website: www.hkpc.org
Ernst & Young Transactions Ltd
Ms Doris Chan
Senior Accountant
Tel: (852) 2846 9646
Fax: (852) 2827 0715
E-mail: doris.chan@hk.ey.com
17 July 2007
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