Speizman Industries announced that Lonati, S.p.A has extended the terms of its agency agreement with the company for an additional two years beginning on December 31, 2001 through December 31, 2003. Lonati, S.p.A. is the world's largest manufacturer of hosiery knitting equipment. Robert S. Speizman, president and CEO, said: "We believe our strong relationship with Lonati should position us to supply the labour-saving closed toe machine in the United States and Canada over the next few years. Lonati has also agreed to provide us an additional minimum one-year period for purchasing Lonati equipment in US dollars, minimising our foreign currency risk."