FOR IMMEDIATE RELEASE Lectra announces the opening of its subsidiary in Vietnam Based in Ho Chi Minh City, Lectra Vietnam will accelerate the company's growth in Asia Paris, July 7, 2016 - Lectra, the world leader in integrated technology solutions ...
FOR IMMEDIATE RELEASE
Lectra announces the opening of its subsidiary in Vietnam
Based in Ho Chi Minh City, Lectra Vietnam will accelerate the company's growth in Asia
Paris, July 7, 2016 - Lectra, the world leader in integrated technology solutions dedicated to industries using fabrics, leather, technical textiles and composite materials, is pleased to announce the opening of its subsidiary Lectra Vietnam on July 1, 2016.
Lectra has been present in the country for over 20 years and represented by its agent Ly Sinh Cong Trading Service Company (LSC) for the past twelve years. The new subsidiary will take over LSC's team and assets.
With the opening of the Vietnam subsidiary, Lectra is continuing its development plans in Asia. "Thanks to 5.5% growth in the first quarter of 2016, Vietnam is one of Southeast Asia's most dynamic economies. It is a top choice for manufacturers who focus on production costs and brands seeking to diversify supplies. The transpacific agreement signed in February 2016 will reinforce the attractiveness of the country, where Lectra has many customers, including very large Asian companies," declares Daniel Harari, Lectra CEO.
"Lectra Vietnam's objective is to help Vietnamese companies implement Lectra's technologies that have demonstrated their worth in Asia and across the globe, and to accompany locally established foreign groups in the country. This opening will boost Lectra's expansion in Southeast Asia and reinforce synergy in sales with the company's other subsidiaries in the region," explains Yves Delhaye, Managing Director Asean, Autralia, South Korea, India.
The apparel industry is especially vibrant in Vietnam. Clothing exports reached $21 billion in 2014 and should grow by 8%, attaining $29.5 billion in 2016, nearly a third from local actors. Of the 6,000 textile and apparel companies, a large number are owned by Chinese, Hong Kong, South Korean, Japanese and Taiwanese companies operating out of Vietnam to take advantage of lower manufacturing costs.
"Thanks to twenty years of experience in Vietnam, Lectra understands the local industry's fundamentals perfectly. I am pleased to develop even further the close ties that Lectra has with companies present in the country," adds Yves Delhaye. "Several of our Chinese and South Korean apparel customers manufacture a portion of their production in Vietnam. They are very interested in innovative solutions to improve the quality of their products, the efficiency of their operations and the productivity of their factories. Moreover, a growing number of actors within the automotive industry are investing in Vietnam. Lectra will be there to help develop their production," he underscores.
Lectra is the world leader in integrated technology solutions (software, automated cutting equipment, and associated services) specifically designed for industries using fabrics, leather, technical textiles, and composite materials to manufacture their products. It serves major world markets: fashion and apparel, automotive, and furniture as well as a broad array of other industries. Lectra's solutions, specific to each market, enable customers to automate and optimize product design, development, and manufacturing. With more than 1,500 employees, Lectra has developed privileged relationships with prestigious customers in more than 100 countries, contributing to their operational excellence. Lectra registered revenues of $264 million in 2015 and is listed on Euronext.
For more information, please visit www.lectra.com
Contact - Lectra Headquarters / Press Dept.: Nathalie Fournier-Christol
Tel.: +33 (0)1 53 64 42 37 - Fax: +33 (0)1 53 64 43 40
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: LECTRA via Globenewswire
Source(s) : LECTRA
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