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Xeros Technology licencee makes first sales in denim finishing market
StockMarketWire.com
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Textile services group Xeros Technology said Indian license partner Ramsons Garment Finishing Equipment had received an order for nine denim finishing machines incorporating its technologies.
Manufacturing would start immediately, with the first machines shipped later this year to ABA, a supplier of garments to brands including American Eagle, H&M and Zara.
ABA had a production capacity of 45 million garments per annum with approximately 70% devoted to denim products.
'The order represents the first sales of Xeros' innovative XDrum design which fully automates the use of the group's proprietary XOrbs in garment finishing and laundry processes,' the company said.
'The use of XOrbs in the denim finishing process eliminates the need for pumice stone and reduces water consumption by 75%.'
'In line with the board's expectations, Xeros will receive a mid to high single digit royalty for these machine sales as well as royalties for the ongoing use of XOrbs.'
'This first order in denim finishing is an important milestone for both Xeros and Ramsons ahead of a full market launch in the first quarter next year.'
At 8:39am: (LON:XSG) Xeros Technology Group Plc share price was 0p at 1.47p
Story provided by StockMarketWire.com
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