(MKS) Marks & Spencer

LONDON (AFX) - Dawson International PLC said heads of agreement have been signed to sell Pringle of Scotland to Fang Brothers Knitting Ltd of Hong Kong, for an undisclosed sum.

Fang Brothers supplies garments to customers such as Marks & Spencer PLC, GAP, Tommy Hilfiger, Liz Claiborne, DKNY and J Crew.

Dawson also announced that, following a review of manufacturing capacity in the Scottish Borders, around 140 jobs will go at Pringle, with 60 employees transferring to Barrie Knitwear, Dawson's haute couture arm in Hawick. A further Dawson group factory in Bonnyrigg will close, with the majority of the 95 employees affected being offered positions at Ballantyne's Innerleithen factory.

The Financial Times reported today that Kim Winser, divisional director of corporate marketing at Marks & Spencer, is leaving that company to become chief executive of Pringle.

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