Defence spending cuts hurt TenCate - sportstextiles: Lea SportsTextiles

News

Defence spending cuts hurt TenCate

27/02/2014
Specialist textile technology provider TenCate has reported a 3.5% decline in its revenues for 2013, bringing in just over €1 billion in revenue.

Its advanced textiles and composites division registered a 7% fall in revenues compared to full-year figures for 2012. The company said this was as a result of lower spending on specialist textiles and protective equipment in the defence budgets of many governments in North America and Europe, important sources of revenue for TenCate in recent years. “In Europe, expenditure on defence reached its lowest point in ten years,” the Dutch company claimed on announcing its results.

Chief executive, Loek de Vries, said: “As expected, 2013 was a challenging year for TenCate. The year was marked by cautious government markets as a result of budgetary constraints.”


Related stories:

Dutch textile firms eye ‘Factory of the Future’ 24/09/2014

Sportstextiles.com cannot be held responsible for content if the language setting is changed from English.

The translations provided by Google Translate are automated and therefore might not be accurate and may contain incorrect, offensive or misleading language. We offer this facility as a guide only.