HomeBussinessSafilo evaluates sale of Italian Longarone plant

Safilo evaluates sale of Italian Longarone plant

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March 9 (Reuters) – Italian eyewear group Safilo (SFLG.MI) on Thursday forecast net sales would reach 1.3 billion euros ($1.37 billion) in 2027, driven by a 4% annual growth rate as it issued its medium-term targets.

The group, which makes eyewear for brands including Hugo Boss and Jimmy Choo, also confirmed it could sell its Longarone plant in northeastern Italy.

Safilo is “now evaluating a potential transfer of the Longarone plant to potential third parties with a view to

preserving the know-how of the site and minimizing the social impact,” it said in the statement

The factory, which employs almost 500 people, is regarded as no longer strategic by the company.

Setting out its targets to 2027, the company expects a balanced sales growth among brands, geographical area and distribution channels, a further expansion in the gross margin and a positive free cash flow generation. Investment will be around 15-20 million euros per year

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“In the coming years, we expect more significant growth in North America and emerging markets,” said Safilo CEO Angelo Trocchia.
($1 = 0.9460 euros)

Reporting by Alberto Chiumento
Editing by Keith Weir

Our Standards: The Thomson Reuters Trust Principles.

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