“We began the restructuring plan as early as the first months of 2009 and now, after nine months of crisis, we managed to obtain rather good results compared to the drop of more than 70-80 percent in the textile market. We cut activity back by 25 percent,” Gheorghe Caescu, General Manager of Iasitex, told Business Standard.
According to the official, the textile producer posted a 2-3 percent annual growth rate in the third quarter, a trend which is expected to continue in the final quarter of this year.
The company’s main client is the Swedish IKEA furniture retailer, which makes up 90 percent of Iasitex’s business. “Only 10 percent of our production is for the domestic market, and the remaining 90 percent are exports for IKEA. Although its [IKEA] demand also declined in the first six months of this year, there are signs of growth in the remaining two quarters, and this is why we budgeted a 2-3 percent increase in activity,” Caescu added.
