Technology Advances At Expofil

Technology Advances At Expofil
New yarns, techniques and treatments highlight styles of the future. Expofil, held in
Paris every June and December, always opens a window on the new season. The most recent edition of
the fair ran concurrently with ITMA, and featured colors, yarns and development fabrics for
Fall/Winter 2000/01. Attendance at this show broke all records, with 12,874 visitors coming from 99
countries. Latin America, with over 1,000 attendees from 13 countries, accounted for 10 percent of
the international visitors, while North America had 301 visitors at the show.Arnaud Dubly of
Caulliez and president of Expofil, noted that with ITMA happening at the same time, Expofils
attendance increased. New Wave Yarns

Dubly said that many spinners exhibiting at Expofil cited a demand for techno yarns. Along
with micro-fibers, metallics, stretch and easy care, there was interest in anti-bacterial,
anti-fungal, anti-stress, anti-static and UV-protective yarns. New yarns were shown that are
retro-reflective, dissolve in water or are made from paper.One buyer at the show, Howard Silver,
president of the American firm Jasco Jersey, has developed ultra-soft lightweight knitted fabrics
of 100-percent extra-fine merino wool that can be machine washed at 30°C and tumble dried. After
rigorous testing by Woolmark in the United Kingdom, Jascos knits are certified no to shrink or
pill.Developed from yarns purchased a year ago at Expofil, Jasco is the first to out with
completely machine-wash and tumble-dry knitted fabrics for cut and sew. Not one to rest on his
laurels, Silver was sampling and buying yarns from some of the most innovative spinners.I like to
be on the cutting edge of yarn development, he said. Jasco is a flexible company. We are constantly
looking to create new products.Sylvie Tastemain, Expofil fashion director, confirmed the trend to
superwash yarns. Technical yarns are one success of the season, she said. They are sought after for
the comfort they provide and their easy-care properties. Ultra-fine yarns of wool, or wool blended
with trilobal nylon or with steel for a glittering effect, lightweight bulky yarns and brushed and
felted yarns are other directions to look for. Stonewash To Ultrasonic

Marithnd Frans Girbaud orchestrated the exhibitions audiovisual production. Frans Girbaud
said: Fabrics have to do more. They must breathe, travel, be comfortable and not destroy the Earth.
Weve come from stone wash to ultrasonic, laser and other new technologies. The Girbauds are working
with Burlington to launch a new non-fade indigo denim.Scott Carr of Lands End, a first time Expofil
visitor, said: The timing of this show is perfect for us. Next season, I want the entire design
team to come to this show. This is where fashion begins. And with mills here like Jasco, I can work
the show with them. Carr mentioned textured yarns, blends, Tencel®, Modal® and newly treated cotton
yarns.Sidney Estreicher, director of Research and Development, Corporate Merchandising, Liz
Claiborne, said that he was seeing more yarns he could relate to: There is a lot more here that is
functional and wearable.Anna Tamas of Jones Apparel also mentioned technology: Fashion is catching
up to technology with laser cuts and new finishing techniques. And art is becoming part of fashion.
There is more individuality and fantasy.Robert Cole and Lynn Sexton of Biella purchase 90 percent
of their yarns at Expofil. All of their knitting is done in Pennsylvania. Biella is sold at
Nordstrom, Saks and Barneys. Cashmere, angora and stretch yarns are what they are buying. A
Natural, High-Tech FiberWoolmark presented a global survey: Responding to Global Change and
Competition. Led by Johann Mittermayr, European market information manager, The Woolmark Company,
the research program was carried out by Kurt Salmon Associates.Some conclusions of the survey are
that apparel will be increasingly segmented. Sportswear will grow the fastest, smart casual will
eat into formal and active leisure into general leisure. To answer these needs, Woolmark is
continuing development and promotion of its Sportswool and Sportswoolpro programs.
(See A Season Of Hybrids, ATI May 1999).Referring to wool as a natural, high-tech fiber,
Mittermayr noted that wool provides natural protection from cold, wind and ultra-violet rays. It is
durable, crease resistant, lightweight, price competitive and easy care. At the Woolmark stand,
Jasco Jerseys machine-wash/tumble-dry fabrics were on display.At Zegna Baruffa, a yarn referred to
as natural elastic wool has 170-percent more stretch than standard wool yarns. The company is
showing two new lines: B-Active high-performance yarns, and B-Exclusive high-end yarns spun with
precious fibers.Mila Zegna Baruffa pointed out Mousse 8000, a boucle, spun with extra-fine merino
and nylon. A new yarn described as like a cloud is a cashmere/silk blend. Other fine yarns blend
kid mohair with new wool or merino and nylon, or extra-fine merino wool with silk or
viscose.Baruffa noted that the market is moving to coarser yarns with a more rustic hand. Another
look is crushed and wrinkled achieved with yarns of 75-percent extra-fine merino blended with
25-percent steel.Schoeller (Richter, N.Y.) sold a soft, fine merino wool yarn that has volume and
natural elasticity. Washable wools range from ultra-fine to classic, bulky or mouline. There are
high-twist, boucle and shiny yarns in wool and wool blends. There are 280 colors in stock,
including moulines.St. Lievin (R&M, Philadelphia; and Richard Marks, Los Angeles) noted that
stretch sells well in North America. One yarn, a blend of acrylic/wool/nylon/elastin, was knitted
into a sweater on a new variable gauge machine, First 184 L21.St. Lievin sells 95 percent to the
flat-knit market and five percent to socks. Kaiser Roth is one customer mentioned. Currently mohair
is popular for womenswear, alpaca for menswear. Some of the heavier yarns are curled or looped to
give fabrics texture. Unique CharacteristicsPaul Bonte, the techno division of St. Lieven, has
created unique effect yarns for weaving, knitting and industrial end-uses. Its Chimere yarn, which
is polyvinyl alcohol (PVA) based, dissolves in hot water. Relief effects and open work can be
achieved using this yarn.Another yarn is retro-reflective. In apparel it is being used for special
effects. Other uses include accessories and industrial items.Amalric showed development fabrics
knitted with its wool/nylon yarns in combination with Chimere from Paul Bonte. The fabrics resemble
crochet. Another yarn, spun with 70-percent lambs wool/30-percent opossum, is as soft as cashmere,
at a much lower price. The opossum comes from New Zealand. Other yarns in this line are classic or
rustic in blends of wool with alpaca, angora, acrylic or nylon.Pozzi Electra has created a new yarn
of 100-percent paper. It is lightweight and can be twisted with nylon. A development fabric shown
is light, crisp and semi-transparent.Other new yarns are made with a fiber called Lenpur®,
distributed by Nexus. It is wood-based, 30 percent more absorbent than viscose and is a natural
thermal regulator.Cotton/cashmere blends at Pozzi are popular for woven shirts. Seventy percent of
the line goes into weaving. Kevlar blended with nylon or cotton and wool/cotton yarns are also
popular.Reindeer hair and alpaca are combined with wool and nylon at Jaime Moix (Silk City, N.Y.).
This line goes into circular knits and weaving. A lot of the apparel yarns are hairy or tweeded.
Some are lightweight and bulky.Polypropylene is blended with wool and hollow-fiber nylon at
Marioboselli for lightness. Black or white polypropylene combined with nylon and polyester can be
dyed in a variety of heather shades. Other techno yarns are spun with carbon, microfibers or
metallics.Caulliez sells to circular knitters and weavers. The company is known for dyed cotton and
jaspe yarns. For hosiery there are ultra-soft ring-spun yarns of micro Modal®/cotton or micro
Modal/micro acrylic. A tri-blend developed for bed linens containing micro-polyester/micro
Modal/cotton has twice the absorbency of cotton.Performance and function are selling at DMC. Modal
Sun, Lenzings UV-protective fiber, is popular with South American buyers. Anti-bacterial yarns are
selling for athletic wear, hosiery, shirts and sheets. Anti-Static YarnsSmall amounts of
aluminum or carbon are mixed with cashmere at Cariaggi (Donald Selkow) to give yarns anti-static
properties. Another yarn of 80-percent cashmere/20-percent steel has a stiff, wrinkled appearance.
Cashmere/nylon blends have subtle luster. Basic cashmere yarns are stocked in 90 colors with no
minimums. Fancy slubbed, tweeded or printed cashmere yarns can be dyed with a minimum order of 20
kilos.A fine yarn at Edgarfil bends and wrinkles. It is spun with 52-percent copper/42-percent
viscose. Another is spun with steel. Other metallic looks in this line are achieved by using nylon.
Soft yarns are brushed, tweedy, bulky and light, spun in blends of kid mohair with alpaca, acrylic
or nylon. Comfort-stretch yarns blend wool with Elite, a polybutylene terephalate (PBT) fiber
produced by Nylstar.Patons Ltd. (Pegasus Textiles, N.Y.) also showed Elite in wool blends.
Development fabrics feature comfort and recovery. The fabrics shown move in all directions. Basics
in this line contain lambs wool, Shetland, cashmere or blends. There are fleeces, jaspes and
glittery yarns in lambs wool/mohair/nylon/lurex. A new yarn combining lambs wool with Lenzings
lycocell is ultra light, fine and drapes well.At Sisa, Elite blended with mohair gives the yarn a
curled appearance. Mohair/Modal blends are sampling well. Other coarse gauge yarns are blends of
acrylic/mohair and acrylic/wool/nylon. Acrylic/mohair yarns are sometimes covered with nylon to
give luster and a mottled appearance.Best seller at Audresset (Matrix) is Cashmino, a
machine-washable blend of cashmere/superfine merino. There are 100-percent cashmere yarns and
blends with silk or cotton.A cashmere/linen introduced for spring was so successful it is
continuing into the fall. The yarn is ultra fine with a natural, soft and dry
touch. Innovative YarnsWith its 150th anniversary and the new millennium happening within the
year, Christory (Roselon, Quakertown, Pa.) showed a lot of glitz. Extra-fine merino/lurex and
viscose/lurex blends turn up in gold and silver.A thick-and-thin yarn in a blend of merino/black
nylon gives a long slubbed effect to fabrics. Curly yarns and twisted yarns in extra-fine
merino/nylon provide texture.Hunters of Brora (Bishop, East Providence, R.I.) has Shetlands with as
many as 22 colors per yarn. The average is six. A lot of the yarns are crimped, giving them a
natural softness. New Zealand merino wool yarns and lambs wool are soft and light. Heathers are
current favorites.Laidlaw and Fairgrieve was promoting the versatility of its yarns for a variety
of end-uses. Traditional sportswear for men featured yarns knitted into compact fabrics with a dry
hand. For children there was chunky Shetland sweaters in naive patterns. Soft, light, fine yarns
were shown for women. There are Shetlands, marled yarns, tweeds, nubs and cotton-rich blends. A
tri-blend of wool/linen/cotton is selling well in the American market.Jean-Francis Billion of
Billion Mayor (Jo AL, N.Y.) said there was increased interest in high-twist acetate/polyester or
rayon/polyester. He was selling some of the same yarns for knitting and weaving. Ultra-fine
textured polyester was shown in sheer, dry-hand crepes.A tri-blend of nylon/polyester/viscose was
woven into a light, lustered jacquard. Satin-backed shantung of 100-percent polyester was popular
for upholstery.At Emile Tardy (Seritex), slippery gold and silver yarns have been created in blends
of acetate and low-temperature-dye polyester.There are tree-bark textured crepe yarns in
triacetate/textured nylon, and satins in blends of viscose or acetate with nylon or polyester.
There are textured yarns, matte or luster, and a lot of stretch. Some of the stretch yarns contain
spandex fiber, other contain spandex, others Elite. Until We Meet AgainThe next Expofil
showing yarns for Spring/Summer 2001 will take place in Paris, December 7-9, 1999.

August 1999

Deja Vu All Over Again


G
 ood news for spinners, bad news for cotton growers. A respondent from the cotton fibers
markets says that there is nothing optimistic about increased pricing for cotton fiber anywhere in
the near future. Mother Nature can change that attitude in a nano-second, however, so we will do
what we usually do — wait for the next season to start.

Open-end spinners report good volume from a sales standpoint but there are no forward sales
and pricing is awful.

Pricing is so bad, in fact, that one spinner said: “There is no open-end yarn being imported
simply because prices are so low domestically. But, even though we can’t make any money our volume
continues to be good, especially in the 16/1 through 30/1 counts.”

He added that while imported yarns of this type are virtually zero, the importation of
garments are hurting both the spinner and the spinner’s customers.

Another spinner of OE yarns said: “There’s only one way to change the situation and that’s
when supply nearly equals demand. And our only hope is to hang on until it changes. I’ve been in
this business for over 30 years and the last eight to 10 years have left me flabbergasted. We have
continued to add production spindles to an already saturated market.” It doesn’t make a lot of
sense, does it?


Pricing Bright Spot

A spinner who spins both ring and open-end yarns said: “Markets are better but they are helter
skelter. Shipping is good but there is no long-term business; however, there is a lot of spot
business. Prices are all over the map but there is one bright spot — prices have finally hit a
point where they are not sliding anymore.”

Weavers, as you know, have found that they can buy yarn cheaper than they can make it. This
is particularly true if the weaver is depending on obsolete spinning equipment which is more
expensive to operate and makes yarn of inferior quality.

One spinner said: “Many weavers are closing their spinning mills and outsourcing yarn for
their weaving operation. This will help balance our supply/demand problem. In addition, our good
customers are buying up smaller companies but it will take a couple of years for this to settle
down.” He also believes exports will increase over the next few years.

Ring-spun yarns are holding their own in both sales and pricing but, because pricing is so
much better than open-end yarn, imports are definitely impacting this segment of the industry. A
ring spinner reported: “Imported yarn pricing will generally run about fifty cents a pound cheaper
than domestic production. For instance, a 20/2 ring-spun carded-cotton yarn was recently offered at
$1.53 per pound delivered.”


No Weavers Left

Synthetic spinners have their problems as well.

“Markets are tough! Now is the time when we should be running wide open but our markets are
spotty at best,” said one synthetic spinner. He went on to say that markets for heathers (yarns
made with colored fibers) and home furnishings are quite good. Circular knits are spotty and
weaving markets for synthetic yarns are terrible.

Concerning the weaving areas he said: “There have been a lot of closings because of the poor
markets. We have virtually no weaver customers left.”

He then said something which may sound strange to you: “No one wants cotton spinning to pick
up more than those of us in synthetic spinning. When markets get tight or fiber prices go up,
cotton spinners try to get into synthetic spinning. They just don’t realize the difference between
spinning cotton and spinning polyester. The problem is we synthetic spinners have to live with the
oversupply of yarn which additionally can be substandard to that of regular spinners of man-made
fibers.”

This spinner reports that about half of his mills are running full with minor curtailment in
the remainder.

One spinner who had just returned from a seminar mentioned that one of the speakers said that
a successful textile company of the new millennium would have to understand finances better than
ever before, be able to accurately calculate the future return on investment from capitalized
expenditures and be realistic in their forward planning.

July 1999

Economic Ups And Downs


Consumers Continue To Spend As Inflation Stays Under Control;
Federal Reserve To Raise Short-Term Rates

The most recent economic reports show that the U.S. economy is still strong. Consumers continued
to spend freely, while inflation is still well under control.

Despite zero inflation in May, the Federal Reserve is expected to raise short-term rates by a
quarter point.

The unemployment rate fell in May to 4.2 percent, matching the March rate, which was the
lowest in 29 years. Despite the drop in the jobless rate, the U.S. economy created 11,000 non-farm
jobs, following April’s surge of 343,000. Employment continued to shrink in manufacturing falling
by 45,000 jobs in May.

Moreover, the new data show that job growth is moderating. In the first five months of this
year the average monthly gain has slowed down to 196,000 jobs, falling short nearly 50,000 from the
pace in the second half of 1998.

The Producer Price Index for finished goods rose 0.2 percent in May after surging 0.5 percent
in April. The index for finished goods, excluding food and energy prices, was up just 0.1 percent
in May.

Consumer prices were unchanged in May, after jumping 0.7 percent in April. The core inflation
rate, which excludes the volatile food and energy prices, was up just 0.1 percent, allaying fears
of a buildup in inflationary pressures created after April’s 0.4-percent surge.

p15a_1904


Industrial Production Rises; Housing Starts Rebound; U.S. Trade
Deficit Unchanged

Industrial production rose 0.2 percent in May following gains of 0.4 percent in April and 0.7
percent in March. Output of utilities dropped 2.2 percent after rebounding 4.9 percent in April.
Factory output grew 0.4 percent in May in line with growth of the previous three months.

The operating rate held steady at 80.5 percent for the third month in a row. The utilization
rate for factories was 79.7 percent in May, up slightly from 79.6 percent in April. Despite a tight
labor market, with an operating rate well below its long-term average of 82.1 percent, and with
downward price pressures coming from imports, there is no threat for higher inflation.

Housing starts rebounded 6.3 percent in May, to an annual rate of 1.676 million units, but
remained below the March 1.746 million level. The strength was in single-family units, which jumped
to 1.409 million from 1.249 million in April.

The U.S. trade deficit of $18.94 billion in April was virtually unchanged from a record
$18.95 billion in March. Exports rose 1.2 percent to $78.01 billion the first in six months, while
imports increased 1 percent to $96.95 billion.

Business inventories grew 0.2 percent in April, while business sales slipped 0.1 percent in
April. As a result, the inventory-to-sales ratio edged up to 1.36 in April from 1.35 in March.


Textile Payrolls Continue To Come Down; Sales By Textile Producers
Soar; Inventories Rise

Results for textiles and apparel were mixed. The industry’s payrolls continued to come down
falling 0.5 percent in May and 0.3 percent in April.

The jobless rate for textile mill workers jumped to 4.7 percent in May from 3.6 percent in
April. Sales by textile producers soared 3.3 percent in April, after easing 1.0 percent in March.
In the meantime, inventories rose only 0.3 percent in April. Thus, the ratio of inventory-to-sales
dropped to 1.54 in March from 1.58 in March.

Textile output tumbled 1.1 percent in May, after rising 2.3 percent in April. The operating
rate for textiles dipped to 80.9 percent from 81.7 percent in April.

With a strong job market, still low interest rates and rising overall stock prices, consumers
have no reason to slow down spending.

Retail sales surged 1.0 percent in May after gaining 0.4 percent in April. Without autos,
spending was up 0.5 percent in May. Apparel and accessory stores sales gained 0.5 percent after
advancing 1.9 percent in April.

Producer prices of textiles and apparel edged up 0.1 percent in May. Also, prices inched up
0.1 percent for synthetic fibers.

Prices fell 0.2 percent for finished fabrics and for carpets, declined 0.3 percent for
processed yarns and threads, dropped 0.4 percent for gray fabrics and took a 0.6-percent dive for
home furnishings.

p15b_1905

July 1999

Letters To The Editor

 

Dear Editor:

 I just received the May issue of
ATI and wanted to offer you my congratulations on the
“Textiles On The Edge Of 2000” article. The interview by Christopher Delporte with the
watchdogs of the domestic textile industry was a terrific analysis of the current situation. I have
made it a “must read” for our senior managers.

The recent success of the Techtextil show in Frankfurt as well as the record exhibit space
we have already seen reserved for our own IFAI Expo 1999 in San Diego is clearly showing that many
textile companies who supplied the apparel marketplace are now shifting their strategy to find more
lucrative special run opportunities in the technical fabric segments such as automotive, high
technology recreational gear and safety products.

Please extend my appreciation to Mr. Delporte and any other on your staff who had a hand in
creating the article.

Sincerely,

Stephen M. Warner, CAE

President

Industrial Fabrics

Association International (IFAI)

Dear Editor:

 Your article in the May 1999 issue about the Southern Textile Association is much
appreciated.

For an organization to continuously function for 91 years is amazing in itself. This goes to
show how the STA has served the membership and the textile industry.

Thanks for recognizing this fine organization.

Sincerely,

James T. Potter

Executive Vice President

Shelby Yarn Company

July 1999

New Trade Show Spotlights Textiles Trim And Sourcing

Fairchild Urban Expositions, Atlanta, recently announced it will be launching the first annual
Material World, a trade show to serve as the leading exposition for textiles, trim and sourcing
opportunities.The inaugural show is planned for September 19-21, 2000, at the Miami International
Merchandise MartandRadisson Centre, Miami.Textile, trim and related product manufacturers
approached us about developing a show to fill a void in the marketplace, said Doug Miller,
president, Fairchild Urban Expositions. Until now, there has never been a trade event focusing
exclusively upon the specialized buying, sourcing and selling opportunities for these core
categories. For the most part, these sectors have primarily been served by regional markets or
featured within larger expositions. We think that the potential for a targeted show of this nature
is tremendous, he added.Material World will feature more than 400 booths, showcasing the latest
introductions and innovations from leading textile, trim and related product manufacturers,
importers, exporters and mills.Products and categories will include a wide range of fabrics
including knit, woven, non-apparel and other specialties; trims; threads; linings and interlinings;
closures; software and CAD systems; services such as sourcing, broker and custom service agencies,
freight, forwarders, consolidators, carriers, auction, banking, financing, trade associations,
education and trend/product development; electronic data interchange (edi); general manufacturing
and standard data systems.For more information, call Fairchild Urban Expositions at (770) 952-6444.

June 1999

People

Boehme Filatex Inc., Reidsville, N.C., recently announced that Barry Brady has joined the company
as a technical sales representative.In his new position, Brady will represent the company and its
line of wet processing chemicals and lubricants at selected accounts throughout the United
States.Brady has more than 19 years of experience in the textile and related chemical industry.

June 1999

Beisler America Introduces Sewing Attachments

Beisler America Inc., Linden, N.J., has introduced technologically advanced attachments to its
model 100/56 Automatic Lockstitch Welt Pocket Sewing Unit.The 100/56 is a completely automated unit
for sewing welt pockets on the inside of outside of suit jackets and trousers. It is completely
programmable to customer specifications and can be stored on a memory card.The 100/56 also features
a breast welt pocket attachment, stacker and roller, automatic pelon feeder and cutting device,
automatic loading device for flap and an automatic piping/slitting device. Circle 308.

June 1999

Alabama Textile Association Elects New Officers Directors

Jim Green, site manager of Solutia Inc., Foley, Ala., was elected president of the Alabama Textile
Manufacturers Association (ATMA) at the groups annual meeting, which was held recently in Point
Clear, Ala.Trey Hodges, president of the Fiber Products Division of Johnston Industries, was
elected vice president, and W.Y. Shugart III of W.Y. ShugartandSons, Fort Payne, Ala., was elected
treasurer.Green has been associated with the textile industry for more than 30 years. He has
previously served ATMA in a variety of positions including vice president, treasurer and head of
the long-range planning committee.Before joining Johnston Industries, Hodges was affiliated with
WestPoint Pepperell, now WestPoint Stevens. He joined Johnston with the purchase of the Industrial
Fabrics Division from WestPoint Stevens. He has served the ATMA as a member of the board of
directors and treasurer. He was also a member of the first ATMI (American Textile Manufacturers
Institute) leadership forum class of 1997, and is also active in the Georgia Textile Manufacturers
Association.Shugart has been involved in the textile industry for 24 years, all of which have been
with his present company, where he has followed his father and grandfather.Directors elected at the
meeting to terms expiring in 2000 are:Bobby Cole, Prewett Associate Mills;Glenn Davis, Shaw
Industries;Mike Fordham, Evergreen Technologies;David Major, Russell Corp.; andHollis Mann, Mount
Vernon Mills.Directors elected to terms expiring in 2001 are:Steve Adair, Johnston Industries
Inc.;John Gordon, Crowntuft;John Hurstort, WestPoint Stevens Inc.;Mark Sheffenof, Tyco Adhesives;
and Dexter Ware, Accordis Cellulosic Fibers Inc.Newly elected directors with terms expiring in 2002
are:Joe Ballow, Wehadkee Yarn Mills;George Harper, Beaulieu of America;Rod Hewitt, Vanity Fair
Intimates;Alan Scarbrough, Kappler Protective Fabrics and Apparel Group; andDon Whitlow, Barbour
Threads Inc.Also serving on the board of directors is immediate past president, J.L. Grant,
WestPoint Stevens, and Jerry Johnson, Alabama Power Co., who is the ATMA associate members
chairman.

June 1999

RVL Completes Acquisition Of F G Montabert And UPDL

RVL Inc., Westlake Village, Calif., announced it has completed the acquisition of F.G. Montabert
Co. and its Asian subsidiary UPDL (Universal PackagingandDesign Ltd.).RVL is a leading supplier of
apparel product identification. F.G. Montabert reported sales of $34 million in 1998.We are pleased
to announce the completion of this transaction, as it represents a key component of RVLs growth
strategy and provides a solid foundation for the companys future expansion, said Robert V. Lyle,
RVLs president.F.G. Montabert has been a cornerstone in the domestic woven label industry for the
past 100 years, and we look forward to merging our operations both in the U.S. and the Far East.
The blending of these organizations will enhance our ability to service our growing customer base
and provide improved operating efficiencies.

June 1999

Market Moves

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June 1999

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