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Têxteis Penedo is hoping to grow 5% to 10% in 2020, resulting in a business volume of 13 million euro, entirely due to exports. The US and Canada are the main external markets, together weighing 60% of their sales total.
In 2019, Penedo’s sales amounted to 12 million euro, which represented a 15% increase when compared to 2018. “2019 was a very pleasant year, we had a two-digit growth, opposing the general trend”, announces Xavier Leite, CEO of the home textile company.
The growth reached in 2019 was a direct result of the investment on equipment made during the two previous years. Penedo’s next challenge is to diversify the geographies of their exports.
“Despite being complicated markets, we are trying to penetrate the Eastern European markets: Russia, Poland, Romania, the new rising economies”, says the CEO of Penedo. “In the African continent, South Africa is the only sizeable market, while South American economies are flailing”, adds Xavier Leite.
Last year, Penedo was one of the seven prized companies at the Techtextil Innovation Awards with ‘cork.a-tex yarn’, a cork coated yarn made in partnership with the cork company Sedacor.
This product is already under production at Cork.a-Tex New Generations Yarns, a joint venture owned equally by Penedo and Sedacor, which should present 700 thousand euro in revenue during their first year, and is estimated to surpass 1.5 million euro during their second year of production.