Lida Group Wins Large Orders From Egypt

Cooperation involves 7 projects.

Orders relate to Lida compact spinning and ring spinning system.

The total order is about 180 million Swiss franc.

Orders are expected to be completed in 2019; sales will be included in the 2020/2021 fiscal year.

On ITMA 2019, Lida Group has signed a series of sales contracts with Cotton & Textile Industries Holding Company from Cairo, Egypt, involving a total of 7 projects, with a total estimated value of 180 million Swiss francs. The contract for compact spinning and the delivery of ring spinning system is expected to be completed in the next 2 years. The order is part of the modernization project of the indigenous textile industry in Egypt. The order for the whole project is expected to be completed in 2019 and sales will be included in the 2020/2021 fiscal year.

Cotton & Textile Industries Holding Company chairman Ahmed Moustafa Mohamed doctor and chief executive officer of Lida Group, Nobert Klapper, completed the signing of the contract at the Barcelona ITMA exhibition site in Spain.

Dr. Nobert Klapper is very pleased with the signing of the project: "we sincerely thank the Egyptian partners for their confidence in Lida and have worked with Lida on this project. For decades, Lida has been a partner in the Egyptian spinning industry. We are very honored to take this opportunity to contribute to the modernization process of the Egyptian textile industry. "