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Pannon-Flax shareholders approve strategy shift

Pannon-Flax approved changes to the company strategy to reduce production capacity by outsourcing and sell less profitable assets to raise money for developments.

Shareholders of Hungarian textile company Pannon-Flax approved at an extraordinary general meeting on January 15 changes to the company’s strategy which will reduce its production capacity by outsourcing and sell its less profitable assets to raise money for developments, Pannon-Flax CEO Mrs Géza Teimel told MTI on Wednesday.

The meeting was suspended until February 12, when other agenda items will be discussed, Mrs Teimel said. She added that the company's revenue and profit targets for 2007 would be decided on at the annual general meeting. Mrs Teimel said Pannon-Flax closed 2006 in the black, but profits were under the target. Pannon-Flax said earlier it targeted profits of Ft 150 million on revenue of Ft 3.5 billion. (Mti-Eco)