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ADS inc., a Quebec City company specializing in the production of composite materials and non-woven technical textiles, announced its results for the third quarter of 2000. Sales reached $23.0 million, compared with $26.9 million for the same period last year. The drop in earnings compared with the same period in the previous year is mainly explained by two factors. First, a lower rate of production of buses of one of our customers led to a significant reduction in composite materials sales. In addition, the continued migration of the North American shoe industry to Asia has translated into decreased sales of technical textiles. The marketing of new value-added products in the technical textiles sector and the addition of new customers in the composite materials sector will gradually allow the shortfall to be absorbed. “We intend to make a major shift in focus to adapt to the new market conditions,” stated Paul Drouin, Chairman of the Board and CEO. “Early in the new year, we will announce the main thrusts of our strategy to benefit from new opportunities in our business sectors, diversify our source of contracts and reduce our fixed costs.” ADS inc. is a company involved primarily in the manufacturing sector through subsidiaries operating in the field of technical textiles and composite materials.
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