Tencel in Courtaulds Annual Reports (1997-98)

The Chairman's statement covers the recently received bid for the Group by Akzo Nobel, and this last report contains a fraction of last year's Tencel coverage.

In Chief Executive's Review...For the first time in its short commercial history, Tencel disappointed as sales fell back in the face of declining denim demand and Asian economic turmoil.  Tencel sales fell well short of the previous year as a result of weaker final demand and pipeline destocking. These events inevitably meant that Tencel recorded a loss in 1997/98. The demand for Tencel-containing fabrics, however, remains very encouraging and the breadth of the products now containing Tencel is reassuring for its future. The completion of the first European facility for Tencel was delayed by construction difficulties but will commence production shortly.

In Finance Directors (now Patrick Shanley) Review...

Tencel sales fell during the year, firstly as a result of a decline in denim demand and subsequently as a result of the currency turmoil in Asia.

Illustrations...