Global economic crisis hurts Rieter Textile Systems biz

Between 2007 and the business year 2009 the Rieter Group had to absorb a drastic slump in sales amounting to 1 973.8 million CHF, equivalent to a decline of some 50%, as a result of the global economic crisis. However, the group successfully defended its strong market position in the textile machinery and automotive supply businesses. A slight recovery on the markets was apparent for the first time in the second half of 2009, enabling Rieter to record increases of 30% in orders received and 17% in sales during this period compared with the first half of the year.

Orders received and Sales 2009
The Rieter Group was severely affected by the impact of the economic and financial crisis in the 2009 financial year. The unfavorable market conditions adversely influenced the trend of business at both divisions. The slump in demand that had already severely impacted 2008 continued until the spring of 2009; a slight recovery in the markets became apparent in the second half of the year. Rieter believes that activity in both sectors in which the group operates bottomed out before mid-2009.

Orders received by the Rieter Group in the 2009 financial year declined by 24% (21% in local currencies) to 1935.1 million CHF. Order intake in the second half of 2009 was 9% higher than in the same period of the previous year and 30% higher than in the first half of 2009. This positive trend was attributable to a significant increase in orders received by both divisions. Over the year as a whole group sales declined more steeply than orders received, to 1 956.3 million CHF, a reduction of 38% (35% in local currencies). In the second half of 2009 this figure was 21% lower than in the same period of the previous year and 17% higher than in the first half of 2009.

Textile Systems: 69% increase in orders received in the second half of the year
The world market for textile machinery, which had already been weakening since the fourth quarter of 2007, suffered a massive slump as of March 2008, and this bottomed out in the first quarter of 2009. There were structural and cyclical reasons for this downturn. On the one hand it marked the end of an investment boom to expand spinning capacity that had been fueled additionally in many markets by government stimulus programs. On the other hand the consequences of the economic and financial crisis had further reinforced the downswing.These resulted in a decline in textile consumption in the US and Europe and high yarn inventories in spinning mills worldwide. The rather better performance of the domestic markets in China and India was insufficient to offset this trend.

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Ruddick will continue to enhance international operations

Ruddick Corporation reported that consolidated sales for the first quarter of fiscal 2010 ended December 27, 2009 increased by 4.6% to $1.04 billion from $995 million in the first quarter of fiscal 2009. The increase in consolidated sales for the quarter was attributable to a 4.7% sales increase at Harris Teeter, the Company’s supermarket subsidiary, and a 3.2% sales increase at American & Efird (“A&E”), the Company’s sewing thread and technical textiles subsidiary.

In the first quarter of fiscal 2010, consolidated net income was $23.7 million, or $0.49 per diluted share, compared to $22.9 million, or $0.47 per diluted share, in the prior year’s first quarter. The increase in net income over the prior year was driven by operating profit improvements at A&E that more than offset the slight decline in operating profit at Harris Teeter and additional overhead expenses at the holding company, as compared to the prior year. The increase in corporate expenses was driven by increased costs associated with certain benefit programs that have investment returns referenced to the financial markets and expenses of $500,000 associated with certain contract negotiations.

Harris Teeter’s sales increased by 4.7% to $972.3 million in the first quarter of fiscal 2010, compared to sales of $928.9 million in the first quarter of fiscal 2009. The increase in sales was attributable to incremental new store sales that were partially offset by a comparable store sales decline of 2.37% for the quarter. Comparable store sales for the quarter were negatively impacted by retail price deflation and changes in consumer purchasing habits, reflective of the current economic environment.

During the first quarter of fiscal 2010, Harris Teeter opened 6 new stores and closed one existing store, which was replaced by one of the new stores. Since the end of the first quarter of fiscal 2009, Harris Teeter has opened 21 new stores, closed 3 older stores (which were all replaced by new stores) and completed the major remodeling of one store, which included the expansion of selling square footage. Harris Teeter operated 194 stores at December 27, 2009.

Operating profit at Harris Teeter in the first quarter of fiscal 2010 decreased to $42.3 million (4.35% of sales), from $44.3 million (4.77% of sales) in the first quarter of fiscal 2009. Operating profit was impacted by new store pre-opening costs of $2.6 million (0.26% of sales) and $4.0 million (0.43% of sales) in the first quarter of fiscal 2010 and fiscal 2009, respectively. New store pre-opening costs fluctuate between reporting periods depending on the new store opening schedule.

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Jingwei Textile Machinery to buy 36% stake in Zhongrong Trust

The Board of Jingwei Textile Machinery Company Limited entered into the conditional Acquisition Agreement with the Vendor. Pursuant to the Acquisition Agreement, the Company has agreed to acquire the Sale Interest at the Consideration of initially RMB1.2 billion (equivalent to approximately HK$1,363.64 million), subject to adjustments.

Pursuant to the terms of the Acquisition Agreement, the Consideration shall be settled in cash. Upon Completion, the Company will own 36% equity interest in Zhongrong Trust and will secure effective control over it by virtue of its control over the board of Zhongrong Trust. Accordingly, Zhongrong Trust will become a subsidiary of the Company and its financial results will be consolidated into the financial statements of the Group.

The Acquisition constitutes a very substantial acquisition on the part of the Company under Chapter 14 of the Listing Rules. Accordingly, the Acquisition Agreement and the transactions contemplated there under are subject to the approval of Shareholders at the EGM. As no Shareholder has any material interest in the Acquisition, no Shareholder is required to abstain from voting at the EGM to approve the Acquisition Agreement and the transactions contemplated there under.

A circular containing, among other matters, further details of the Acquisition and a notice convening the EGM, will be despatched to Shareholders in compliance with the Listing Rules.

As at the date of this announcement, Zhongzhi Group was owned as to 80% by Liu Yang and 20% by the Committee of the Employee Association of Zhongzhi Group. To the best of the Directors’ knowledge, information and belief having made all reasonable enquiry, the Vendor and its ultimate beneficial owners are third parties independent of the Company and connected persons of the Company, and there shall be no restriction for any subsequent sale of the Sale Interest acquired by the Group.

Assets to be acquired
Pursuant to the Acquisition Agreement, the Company has conditionally agreed to acquire and the Vendor has conditionally agreed to dispose of the Sale Interest, representing 36% equity interest in the entire registered capital of Zhongrong Trust.

Consideration and pricing basis
The Consideration for the Acquisition of not more than RMB1.2 billion (equivalent to approximately HK$1,363.64 million) shall be payable in cash and satisfied in the following manner:

Zhongzhi Group is a limited liability company established in the PRC with diversified business operations. It is principally engaged in, among others, asset investment and management, investment and financial advisory businesses, technological development and import and export of commodity and technology and agent services for import and export businesses.

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Brazil is growing market for technical textiles & nonwovens sector

Technical textiles and nonwovens are two sectors which have found an increasingly greater number of applications in recent years, even in Brazil. The local market is developing at a fast pace, and many local textile manufacturers are now concentrating on this type of production.

According to a recent survey conducted by IEMI, a brazilian consulting firm, the two sectors (nonwovens and technical textiles) account for well over 200 companies currently operating in Brazil, employing roughly 40,000 people. Total estimated production for 2008 amounted to 462,000 tons, for a value of 3.9 billion Brazilian Reais. For the same year, over 160 million Reais were invested in modernizing and/or acquiring new machinery (a value of about 4% of annual revenues). Exports of products for these two sectors in 2008 totalled 269 million US Dollars.

These figures bear witness to the growing interest of machinery manufacturers in this industry. In an effort to place Italian technology in the spotlight, ACIMIT (Association of Italian Textile Machinery Manufacturers) and ICE (Italian Trade Commission) have organized a technology symposium to be held in Sao Paolo next March 4th and 5th, 2010.

About fifteen Italian textile machinery manufacturers will present their latest technology proposals in Sao Paolo to a public comprising Brazilian operators in the technical textiles and nonwovens sector.

This encounter represents a further meeting point between Italy’s textile machinery industry and Brazil’s textile sector, which over the years have developed a strong partnership, as demonstrated by the value of Italian sales of machinery to Brazil. In fact, for the period running from 2004-2008, Italian exports of textile machinery in Brazil increased at a pace of 13% annually, reaching a value of 72 million Euros in 2008, thus ranking Brazil fourth among foreign markets for Italy’s textile machinery sector.

The most recent figures, relative to January to September 2009, indicate that Italian exports to Brazil amounted to 23 million Euros. Italian machinery most in demand in the Brazilian market are finishing machinery (32%), followed by accessories (26%) and knitting machines (21%).

The Italian participants at the workshop are a small sample of the substantial number of Italian companies operating in this sector.

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Fabric Testing Machine Buying Leads

Contact Person : Mr. Leinad Mwendwa

Ref. No. : 987917

Status : Buyer

Products : Fabric Testing Machine

Posting Type : Regular Offer

Posting Date : October 12, 2009


Comments :

We are Testing and inspection service provider for Textiles. We want to purchase Fabric Testing Machine.

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7th Project Runway marks the Brother’s fourth year as a licensee

“Either you’re in or you’re out” for Heidi Klum of ‘Project Runway,’ and Brother International Corporation is “in,” yet again, for season seven. Returning as the Exclusive Sewing and Embroidery Licensee for the popular fashion reality television show, season seven marks the company’s fourth year as a licensee.

The relationship with ‘Project Runway’ has proven to be very successful for Brother who has seen tremendous branding exposure and has attracted new, younger customers since being named a licensee in 2007. The partnership has reenergized the sewing industry and has brought sewing back into fashion. Each week viewers tune in to watch contestants race against the clock, perfecting every last thread with Brother sewing machines. As Tim Gunn gives the aspiring designers their final countdown, viewers see a Brother-branded clock tick away, revealing those last, crucial minutes before their designs are showcased on the runway.

“‘Project Runway’ has brought incredible publicity to the Brother brand,” said Dean F. Shulman, a senior vice president of Brother International Corporation and head of the company’s home appliance division. “Brother dealerships are experiencing younger and younger customers who want the ‘Project Runway machine.’ Acquainting new customers with Brother sewing and embroidery products is invaluable.”

Brother has advocated that the latest fashion trend to hit the runway isn’t a piece of clothing— it is the machines that make the trends possible. Offering the tools needed for fashionistas and fashionistos to succeed in designing, personalizing, and embellishing apparel, Brother provides a line of “Project Runway” Limited Edition sewing and embroidery machines that are perfect for any skill level. With advanced features such as built-in designs and automatic needle threading, trendsetters can start to create with the push of a button.

With 40 built-in stitches including five styles of one-step buttonholes, variable speed control, super-wide stitch selection and seven-point feed dogs, the ‘Project Runway’ Limited Edition Innov-ís 40 imparts style and panache to designer creations. Skilled sewing room veterans find the added capabilities of the ‘Project Runway’ Limited Edition Innov-ís 80 ideal for intricate stitch work and monogramming flair. The Innov-ís 80 includes the features and functionality of the Innov-ís 40 plus 40 additional built-in designs, including five one-step buttonholes, 55 alphanumeric characters and the ability to combine stitches. And for designers that require even more creative potential, there is the ‘Project Runway’ Limited Edition LB6770PRW computerized sewing and embroidery combination machine. This machine was designed to give added inspiration with 70 built-in embroidery designs, five monogramming fonts and 120 frame pattern combinations. Using the 67 built-in stitches, 98 stitch functions and 10 styles of one-step automatic buttonholes, modish mavens are able to add dimension, color, texture, imagery and sophistication to any project. For greater differentiation tailored to a designer’s unique vision, the built-in embroidery card slot allows the use of thousands of optional Brother embroidery designs. Included with the purchase of this machine is a fashionable rolling bag, a $100 value, which is perfect for the designer who is always on the go, much like the contestants on ‘Project Runway.’

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Janome celebrates 150 Years of Sewing

150 years of evolution is a long time for any industry. In 1860, the Pony Express was established; written communication has certainly come a long way since then. At the same time, clipper ships transformed Trans-Atlantic travel, shortening the sometimes months-long journey to fourteen days. A fourteen-day ocean cruise is now considered a luxury vacation.

Prominent sewing machine manufacturer and distributor, Janome America is proud to commemorate 2010 as the 150th anniversary of its founding.

In 1860, William Barker and Andrew J. Clark, founders of Janome America, began producing sewing machines in Orange, MA. By 1882 they had named their company New Home, and were producing 500 sewing machines per day. In 1960 the Janome brand of Japan purchased New Home to establish its footing in the United States, consolidating manufacturing but not changing the name. Then, in 1995 the company was renamed Janome America, Inc., a reflection of the reputation established throughout the world for quality, reliability and ease-of-use.

It's surprising how far the sewing industry has come over the past 150 years. Those outside of sewing circles often regard the sewing machine as a historical artifact -- something their grandmothers used to create clothes during the Great Depression. Certainly not something stocked in modern-day retail stores. However, a visit to a local sewing machine dealer reveals a thriving, technologically-advanced product.

Janome America's 150th anniversary marks a high-point for achievements in the sewing and quilting industry. The company's founders wouldn't recognize the machine manufactured by their modern counterparts. Janome's top-of-the-line machine, the Memory Craft 11000 Special Edition, can produce embroidery as well as sew traditional stitches, offering 358 built-in stitches and 170 embroidery designs. It features a 640x480 color touchscreen, can link directly to a PC or will accept data from a USB drive, and can store 3MB of data in the sewing machine's own memory banks. It even utilizes technology built for high-precision industrial robots to ensure every stitch is accurate to the thousandth of an inch. And yes, it does thread itself!

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