UK: Silk Industries' Hopes For The Euro
Silk Industries is pinning its hopes on seeing a converging of sterling and the Euro towards a more equitable rate. Shareholders heard at the recent annual general meeting that exports account for half of the group's turnover. A spokesman said: "... we hope that, whatever agenda unfolds for joining the Euro, we soon see a converging of sterling and the Euro towards a more equitable rate." The company said that current trading is strong in the group as it now stands in Sudbury, Crayford and Macclesfield. The loss-making Paul Costelloe business is now out of the way, said Silk Industries, and it is now looking at "blue skies". The company has announced it is investing in electronic jacquards, networked loom controllers, and advanced warp preparation equipment to improve design diversity and lead times.
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