Springs seeks financial partner for U.S. division
HTT Staff -- Home Textiles Today, 4/4/2012 10:46:45 AM
Sao Paulo, Brazil - Springs Global this morning announced it will seek a partner for its U.S. division following a difficult year in which higher raw material costs and idled capacities at its Brazilian facility impacted profitability.
In a brief English language call (Springs held a call earlier in the morning in Portuguese), ceo Josue Gomez da Silva also said that Springs will restructure its manufacturing footprint in Brazil and reduce capacity there.
There was no detailed discussion of the company's 2011 financial performance during the call. The financial breakout was not available on the company's English language site early this morning, and since roughly 9 a.m. Eastern time, the investor relations page on the site has ceased to load.