Lakeland Industries, Inc. LAKE -0.23% , a leading manufacturer of industrial protective clothing for industry, municipalities, healthcare and to first responders on the federal, state and local levels, today announced that due to its successful overall global growth strategy, Lakeland does not expect the termination of its licensing relationship with DuPont to have a significant impact on Company earnings in FY12 or FY13.
According to Christopher J. Ryan, CEO of Lakeland Industries, Inc., "While products made from DuPont-branded fabrics have long been an important part of Lakeland's product mix, in recent years we have been very successfully growing our own branded product lines. This was according to a prudent strategy to reduce excessive reliance upon any one supplier.Lakeland Industries, Inc. LAKE -0.23% , a leading manufacturer of industrial protective clothing for industry, municipalities, healthcare and to first responders on the federal, state and local #
We have also aggressively globalized our business over the last decade to take advantage of the fast growth in emerging markets/BRIC countries, and we are achieving excellent results in Canada and Europe. As a result, we are in a position where the loss of DuPont-supplied fabrics will have a much smaller impact on our overall business and profit than it would have a few years ago.
So while there will doubtless be some impact on the remainder of FY12 and early FY13, overall FY12 and FY13 earnings should not be significantly impacted. We are still projecting much improved operating earnings over FY11 for both years.
In summary, we believe the company continues to be well positioned for long term growth as it carries on the successful execution of its global strategy."
About Lakeland Industries, Inc.
Lakeland Industries, Inc. LAKE -0.23% manufactures and sells a comprehensive line of safety garments and accessories for the industrial protective clothing market. The Company's products are sold by a direct sales force and through independent sales representatives to a network of over 1,200 safety and mill supply distributors. These distributors in turn supply end user industrial customers such as chemical/petrochemical, automobile, steel, glass, construction, smelting, janitorial, pharmaceutical and high technology electronics manufacturers, as well as hospitals and laboratories. In addition, Lakeland supplies federal, state, and local government agencies, fire and police departments, airport crash rescue units, the Department of Defense, the Centers for Disease Control and Prevention, and many other federal and state agencies.
Lakeland Industries, Inc.
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