China Linen Textile Industry, Ltd. a China-based company engaged in the production and sale of linen yarn and various types of linen fabric, announced that its wholly owned subsidiary, Heilongjiang Lanxi Sunrise Linen Textile Industry Co., Ltd., has signed a contract to deliver pure linen fabric to the Italian market. The contract is valued at approximately $2.2 million, and shipment will occur in the first quarter of 2010.
Mr. Gao Ren, chairman and chief executive officer of China Linen Textile Industry, stated: "The Italian market has long proven a consistently profitable venue for our linen products, so we are very pleased to announce this new agreement that will further strengthen our presence in the country. This order provides a fresh example of our commitment to producing the highest quality fabrics and demonstrates the speed and efficiency of our production process."
China is the world's largest linen textile producer, and China Linen ranks among the country's leading manufacturers in the industry. China Linen expects worldwide demand for linen products to exceed $20 billion within five years, and the company is increasing production capacity to meet anticipated strong demand. Revenue through the first nine months of 2009 totaled $20.57 million, a 14.7% increase over the same period in 2008; net income for the nine months rose 9.5% to $4.29 million.
China Linen Textile Industry Ltd