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Industry Notes - August 2003
Apparel Search Co. introduced a new division, Apparel Search Logistics, to provide supply chain management consultation services to the clothing and textile industries. Apparel Search Logistics reports that it specializes in reviewing supply chain processes and providing customized solutions to guide clients through the implementation of time- and cost-saving improvements, including technology implementation assistance.
Gerber Technology announced profits of $13.4 million and revenues of $154.1 million for its fiscal year ended April 30, 2003, compared with profits of $10.5 million and revenues of $158.1 million in the prior year. Gerber Technology is one of four businesses of Gerber Scientific. In May, Gerber Scientific reported revenues of $512.4 million compared with revenues of $498.9 million one year ago, and after-tax income from continuing operations of $8.2 million, up from a loss of $5.9 million last year. The company also reduced its debt by $42.1 million for the fiscal year and secured a four-year $110.0 million senior credit facility arranged by Fleet Securities Inc., completing its planned refinancing on schedule. At the time of publication, the company's stock was valued at $7.95 compared to $3.60 one year ago.
Nester Software Technologies Inc. and Albrecht Bumer GmbH & Co. KG have formed an agreement in which Albrecht Bumer will become the exclusive worldwide distributor of the NESTERfoamT automatic foam nesting software solution. NESTERfoamT has been fully integrated with Albrecht Bumer's WINCAP CAD/CAM system.
Russell Corp. has purchased the brand names, inventory, contracts and related assets of Spalding Sports Worldwide for $65 million. The agreement covers ownership of the Spalding and Dudley names for all products. It also includes Sherrin, a brand of Australian football equipment and contracts for more than 60 licensees globally for apparel, shoes, sporting goods and related products.
VF Corp. announced in July it would acquire Nautica Enterprises Inc. for approximately $585.6 million. VF chairman and CEO Mackey McDonald said the pending acquisition will bring VF a powerful lifestyle brand, and strengthen VF's department store presence. David Chu, Nautica Enterprises vice chairman, said the transaction will enable the Nautica brand to maximize its potential.
Zara, the Spanish fashion chain, added large-sized apparel at its European stores earlier this year following a rise in demand. The company had stopped production at size 42 in Europe (equivalent to U.S. size 10, U.K. size 12), but will now produce 10 percent to 20 percent of its most costly styles up to European sizes 44 and 46 (equivalent to U.S. sizes 12 and 14, U.K. sizes 14 and 16).
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