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Picanol Sells Looms In Vietnam, Verbrugge Relocates

Under a memorandum of understanding signed between Belgium-based Picanol NV and 8 March Textile Co., Picanol is to supply 150 weaving machines to 8 March Textile, a Vietnam-based textile yarn and cloth manufacturer, to replace existing equipment. The contract, valued at approximately $8 million, will take effect early this year with the first shipment of 35 machines. The remaining machines, all of which will be built at Picanol's headquarters in Ypres, will be shipped to Vietnam in four to five separate deliveries over the next two years. In other Picanol news, the company's harness frame, heddle, reed and dropwire subsidiary, Verbrugge, has moved from its location in Roeselare to Ypres. With the new proximity, the companies hope to take advantage of manufacturing synergies, as well as research and development opportunities.

January 2004