MISGAV, Israel, May 20, 2010 /PRNewswire-FirstCall/ -- Tefron Ltd. (OTC:TFRFF; TASE:TFRN), the global leader in seamless and engineered apparel, today announced the appointment of Ilan Gilboa as Executive Vice President for Operations and Customer Support. The company also announced the departure of Amit Tal as chief marketing officer, who has resigned and chosen to take a position with another company.
Mr. Gilboa brings to Tefron 14 years of experience in a variety of operational roles, from introducing shop floor control systems to senior management of multi-site, multi-country operations. His management experience includes six years at Tefron as manager of the HITEX and TEFRON divisions. Most recently, Mr. Gilboa was VP for Global Operations of N-trig Company, a computer device company, where he had responsibility for the establishment and functioning of a wide supply chain for the company's worldwide operations.
Remarking on Mr. Gilboa's appointment, Tefron CEO Amit Meridor said, "In our 2009 fourth quarter announcement, we stated that our focus in 2010 would be to the improvement of our manufacturing processes to ensure strict quality control, shortened lead times, and on-time delivery. Ilan brings to Tefron the direct sector experience, supply chain experience and overall managerial experience to direct the rebuilding of our manufacturing activities to be more cost efficient and responsive to customer needs and time requirements
Commenting on the resignation of Amit Tal as chief marketing officer, CEO Amit Meridor said, "Amit Tal has been an outstanding contributor to Tefron for the past eight years, most notably having led the strategic development of our sports division. Tal has also been instrumental in the management of the intimate apparel division, as well as the development of Tefron's turnaround plan. We are very pleased that Tal will assist in the transition to new marketing leadership."
"In addition to these management changes," concluded CEO Meridor, "I can report to you the implementation of immediate plans to strengthen our marketing and sales organizations in North America with restructuring in both our Portland and NY sales offices. These changes to our North American operations, as well as Ilan Gilboa's appointment are an integral part of a worldwide effort in 2010 to focus on operations and customer service, so as to bring the most innovative products to the market.
Tefron manufactures boutique-quality everyday seamless intimate apparel, active wear and swim wear sold throughout the world by such name-brand marketers as Victoria's Secret, Nike, lululemon athletica, Warnaco/Calvin Klein , Walmart Stores Inc, The Gap, J. C. Penney, Maidenform, , Patagonia, Reebok, and El Corte Ingles, as well as other well known retailers and designer labels. The company's product line includes knitted briefs, bras, tank tops, boxers, leggings, crop, T-shirts, nightwear, bodysuits, swim wear, beach wear and active-wear.
This press release contains certain forward-looking statements, within the meaning of Section 27A of the US Securities Act of 1933, as amended, Section 21E of the US Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995, with respect to the Company's business, financial condition and results of operations. We have based these forward-looking statements on our current expectations and projections about future events.
Words such as "believe," "anticipate," "expect," "intend," "will," "plan," "could," "may," "project," "goal," "target," and similar expressions often identify forward-looking statements but are not the only way we identify these statements. Except for statements of historical fact contained herein, the matters set forth in this press release regarding our future performance, plans to increase revenues or margins and any statements regarding other future events or future prospects are forward-looking statements.
These forward looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements, including, but not limited to:
- the effect of the worldwide recession on our sales to our customers in the United States and in Europe and on our ability to finance our operations; - our customers' continued purchase of our products in the same volumes or on the same terms; - the cyclical nature of the clothing retail industr and the ongoing changes in fashion preferences; - the competitive nature of the markets in which we operate, including the ability of our competitors to enter into and compete in the seamless market in which we operate; - the potential adverse effect on our business resulting from our international operations, including increased custom duties and import quotas (e.g. in China, where we manufacture for our swimwear division). - fluctuations in inflation and currency rates; - the potential adverse effect on our future operating efficiency resulting from our expansion into new product lines with more complicated products, different raw materials and changes in market trends; - the purchase of new equipment that may be necessary as a result of our expansion into new product lines; - our dependence on our suppliers for our machinery and the maintenance of our machinery; - fluctuations in the costs of raw materials; - our dependence on subcontractors in connection with our manufacturing process; - our failure to generate sufficient cash from our operations to pay our debt; - political, economic, social, climatic risks, associated with international business and relating to operations in Israel;
as well as certain other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contacts Company Contact: Eran Rotem Chief Financial Officer +972-4-990-0881 firstname.lastname@example.org
SOURCE Tefron Ltd