Home / Knowledge / News / Textiles / Lakeland receives two Brazilian contracts valued at $1.2 mn
Lakeland receives two Brazilian contracts valued at $1.2 mn
07
Oct '08
Lakeland Industries Inc announced that the company, through its recently acquired Brazilian subsidiary Qualytextil, has received a contract worth approximately $1 million from Companhia Pulista de Forca e Luz, a major electrical utility in the state of Sao Paulo, for customized protective clothing.

In addition, Lakeland received a contract from Petrobras, Brazil's largest oil company, for approximately $0.2 million as part of its ongoing relationship which, so far this year, yielded approximately $1.6 million in sales. These awards build upon existing business with Lakeland and are representative of the high-caliber customers which came with Qualytextil. The Company also expects to sign another similar contract within the next 45 days.

"Long term supply contracts with companies such as Petrobras provide Lakeland greater visibility with regard to both sales and earnings -- again highlighting the progress we've made improving our financial outlook by expanding internationally," said Chris Ryan, the CEO of Lakeland.

"As part of our restructuring program over the past two years, Lakeland has streamlined operations in the U.S. while adding manufacturing/sales facilities in the rapidly growing economies of Brazil and India, opened sales and warehousing facilities in China, Chile, and Japan, and expanded its U.K. and Canadian operations.

The contract wins in Brazil are indicative of the many opportunities we see there, which will continue to drive strong top line growth and margin expansion going forward. The Company remains well positioned for further performance improvement, even in these difficult times in the United States."

With an in-house sales force of 20 employees and nearly 30 outside sales representatives, Qualytextil covers the entire country of Brazil, selling directly to end users. Qualytextil markets products to major state owned companies and agencies and the main oil and chemical companies.

The Brazilian operations, including manufacturing, sales and marketing, warehousing, and distribution, benefit from State provided tax incentives, favorable labor rates, and proximity to economical transportation for local and international distribution of garments.

Lakeland expects its Brazilian sales and operating earnings to remain strong in their local currency for the Company's fiscal third quarter ended October 31, 2008. Exchange rate fluctuations, such as the recent strengthening of the U.S. dollar against the Brazilian Real, may impact the Company's consolidated financial results.

Mr. Ryan added, "Leveraging the established regional presence and marquee customer base of our recently acquired Brazil operations, Lakeland intends to further expand its international footprint into other Latin American countries.

We are working from a position of strength and believe that select neighboring countries, with emerging economies and abundance of natural resources,are ideal for us to market our diverse line of industrial garments and will enable us to achieve superior growth rates outside the United States in these developing nations."

Lakeland Industries Inc


Must ReadView All

VF Corporation to split into two independent companies

Apparel/Garments | On 14th Aug 2018

VF Corporation to split into two independent companies

VF Corporation, a global leader in branded lifestyle apparel,...

Courtesy: Good On You

Apparel/Garments | On 14th Aug 2018

Good On You in Oz adds 500 European brands to rating app

Australia-based Good On You’s brand-rating app has recently added 500 ...

Courtesy: USDA/FAS

Textiles | On 14th Aug 2018

US cotton exports in 2017-18 highest in over a decade

Cotton exports from the US in 2017-18 reached their highest level...

Interviews View All

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Manoj Sorathiya

Surat-based Sunrise Imports & Exports Co is a manufacturer and...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Carolin Russ

Weko, Weitmann & Konrad GmbH & Co KG, based in south Germany, is...

Mr Hartmann Huth
Trevira GmbH

Trevira GmbH is an innovative European manufacturer of high-value branded...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Mr Ambrose Chan
DSG International (Thailand) PLC

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


August 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search