Fedon: 2003 recovery in all markets

In 2003, the Fedon Group consolidated its positive trend with growth of 2.7% compared to 2002 and with revenues of 57,853 million euros, despite the negative affect of the euro-dollar exchange rate. At 2002 exchange rates, billings were 59.2 million euros with a positive variation of 5.10%.

Group president, Callisto Fedon, commented with satisfaction on the Group's strength: 'The positive results at the end of the year confirm how much the market appreciates our products, despite the difficult economic situation, especially in the eyewear sector which has been penalized by a long and persistent crisis. They also confirm the correctness of our decisions and investments aimed at constantly improving the production, commercial and organization structures.'

After the recent acquisition by Fedon Printing, which specializes in the production of microfibers and lens cleaning products, of 100% of Fedon America Inc. of Norwell, the American partner which has been distributing the products on the North American and Canadian markets since 1999, a few days ago Fedon inaugurated a new facility in Rumania. An important strategic move which allows them to double production capacity in loco, and also considerably reduces the impact of labor costs. Decentralizing to Slovenia and China, and now to Rumania, together with the automation and robotization supplied by Hawk, one of the Group's companies, is the best answer to the needs of a market that increasingly requires services at competitive prices.

'2004 will be as, if not more, difficult as 2003. We are ready with the reliability and the determination we have always shown', Fedon concluded.