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Belgium:Loom maker Picanol to revamp this year |
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2005-3-7
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A sinking global demand for new weaving machines followed by strong Euro resulted in Belgian loom maker Picanol’s turnover tumble by almost 21% to €384.1 million in 2004.
All this resulted in Picanol posting an operating loss of €0.93 million and a consolidated net loss of €2.3 million.
Beginning 2005, Picanol will streamline into two core divisions: Technologies and Weaving Machines & Services. GTP, the company formed after a series of acquisitions for weaving accessories and services, has now been largely integrated into these divisions.
Net income last year was €8.08 million, primarily as a result of the repayment by former president and CEO Jan Coene of a €6.56 million signing-on fee. |
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