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Lakeland terminates DuPont licensing agreement
20 Jul '11
2 min read
Lakeland Industries, Inc, a leading manufacturer of industrial protective clothing for industry, municipalities, healthcare and to first responders on the federal, state and local levels, announced that due to its successful overall global growth strategy, Lakeland does not expect the termination of its licensing relationship with DuPont to have a significant impact on Company earnings in FY12 or FY13.
According to Christopher J. Ryan, CEO of Lakeland Industries, Inc., "While products made from DuPont-branded fabrics have long been an important part of Lakeland's product mix, in recent years we have been very successfully growing our own branded product lines. This was according to a prudent strategy to reduce excessive reliance upon any one supplier.
We have also aggressively globalized our business over the last decade to take advantage of the fast growth in emerging markets/BRIC countries, and we are achieving excellent results in Canada and Europe. As a result, we are in a position where the loss of DuPont-supplied fabrics will have a much smaller impact on our overall business and profit than it would have a few years ago.
So while there will doubtless be some impact on the remainder of FY12 and early FY13, overall FY12 and FY13 earnings should not be significantly impacted. We are still projecting much improved operating earnings over FY11 for both years.
In summary, we believe the company continues to be well positioned for long-term growth as it carries on the successful execution of its global strategy."
According to Christopher J. Ryan, CEO of Lakeland Industries, Inc., "While products made from DuPont-branded fabrics have long been an important part of Lakeland's product mix, in recent years we have been very successfully growing our own branded product lines. This was according to a prudent strategy to reduce excessive reliance upon any one supplier.
We have also aggressively globalized our business over the last decade to take advantage of the fast growth in emerging markets/BRIC countries, and we are achieving excellent results in Canada and Europe. As a result, we are in a position where the loss of DuPont-supplied fabrics will have a much smaller impact on our overall business and profit than it would have a few years ago.
So while there will doubtless be some impact on the remainder of FY12 and early FY13, overall FY12 and FY13 earnings should not be significantly impacted. We are still projecting much improved operating earnings over FY11 for both years.
In summary, we believe the company continues to be well positioned for long-term growth as it carries on the successful execution of its global strategy."
Lakeland Industries Inc
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