Indesit: 2006 Builds on 2005 Turnaround Dec 26, 2006

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Indesit Company said third quarter 2006 sales were 871 million euros (approx. U.S. $1.2 billion), up 5 percent on third-quarter 2005 sales. Indesit also reported net profits: 23 million euros (approx. $30.1 million), up 127 percent on 2005.

“Today’s results follow on from a series of positive quarterly results,” commented chairman Vittorio Merloni. “This gives us even more confidence about the challenges facing us in the international competitive arena”.

“We are on track with the 3-year plan announced last October, which remains our point of reference,” said Indesit Company CEO Marco Milani. “In all the regions where the group operates we’ve seen increased sales and market share. In terms of profitability, there was excellent performance in the UK. In short, 2006 has built on the turnaround we achieved in the second half of 2005.”

Helping achieve the 2006 results were:
•    streamlining and internationalization of the new management structure
•    tight control of general expenses
•    improved production efficiency
•    successful new product launches

Indesit Company broke ground on two new laundry appliance plants in Poland, with production is scheduled to start up in the first half of 2008.

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