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  • Pittards assess Ethiopian currency impact Posted on 13 October 2017

     

    Pittards has operated its tannery in Edjersa since 2005 and processes both hides and skins in the manufacture of leather for gloves (including premium sports gloves), footwear and footwear linings here.

    The majority is shipped overseas to the manufacturing facilities of worldwide brands, making it the leading leather exporter in Ethiopia – but is also an important local supplier.

    Pittards said the Ethiopian government's move to devalue its currency by 15%, while having a negative impact on its balance sheet, would improve its competitiveness.

    The devaluation will lower the balance sheet value of its Ethiopian assets by about £1m.

    "In overall terms this is a positive development for Pittards as the devaluation will make its operations in Ethiopia more competitive," the company said

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