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Spinrite faces problem due to instability in yarn market
25 May '06
1 min read
Despite volatile trend within the craft yarn market worldwide, leading Canadian craft yarn maker Spinrite seems optimistic about the company future.
CEO Dairo Margve's confidence hinges on the fact that the Spinrite located at Listowel in western Ontario, supplies 62 percent of the home knitting yarn to Canadian market and 20 percent of the US market operating with around 500 employees.
In February 2005, company issued $10 each in a $200 million offering, its price hiked to $14.25 last August but hit a new low of $1.52 on May 23, 2006. Cash outflow was $2.7 million as company's sell dropped 46 percent.
Spinrite CEO, Dairo Margve informed that company's problem aggravated when craft store retailers started increase their inventory level in second quarter last year.
Spinrite is the largest producer and marketer of craft yarn in Canada and one of the largest and fastest growing in the U.S. Established in 1952, Spinrite began as a commercial and craft yarn manufacturing business. Over the years its operations, products and sales capabilities have expanded considerably.
CEO Dairo Margve's confidence hinges on the fact that the Spinrite located at Listowel in western Ontario, supplies 62 percent of the home knitting yarn to Canadian market and 20 percent of the US market operating with around 500 employees.
In February 2005, company issued $10 each in a $200 million offering, its price hiked to $14.25 last August but hit a new low of $1.52 on May 23, 2006. Cash outflow was $2.7 million as company's sell dropped 46 percent.
Spinrite CEO, Dairo Margve informed that company's problem aggravated when craft store retailers started increase their inventory level in second quarter last year.
Spinrite is the largest producer and marketer of craft yarn in Canada and one of the largest and fastest growing in the U.S. Established in 1952, Spinrite began as a commercial and craft yarn manufacturing business. Over the years its operations, products and sales capabilities have expanded considerably.
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