Picanol Signs 8 Million Deal In Vietnam

Picanol Signs$8 Million Deal In Vietnam
Belgium-based Picanol NV has signed a memorandum of understanding with Vietnam-based 8 March Textile Co. According to the terms of the agreement, Picanol will supply 8 March 150 different kinds of weaving machines, valued at approximately $8 million, from early 2004 to 2005. Picanol says this agreement further confirms the company’s success in Vietnam, after its deal last December to supply Vietnam National Textile and Garment Corp. (Vinatex) 126 rapier weaving machines, which represented the largest Vietnamese contract with a weaving machine manufacturer.8 March specializes in the production and trading of yarns, working cloths, jackets, pants, bed sheets and shirts. As part of 8 March’s strategy to modernize and upgrade its technology, the new machines will replace the existing fleet and increase capacity.The delivery of the first 35 new weaving machines to 8 March will begin early 2004; the remaining will be shipped in four to five deliveries over two years, says Picanol.The new machines will be built in Picanol’s facility in Ypres and delivered to 8 March’s processing plant in Hanoi.In addition to officials from the two companies, Prince Philippe of Belgium was also present at the signing ceremony in Hanoi.
Winter 2003