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LORD has seen signs of recovery in the Brazilian market and is following a new strategy to face the crisis by expanding its product range and entering new areas.
LORD believes that the worst of the Brazilian crisis is over. It explains that the current financial indicators of its local operation are in line with the forecasts in the beginning of the year. “This fact itself is positive news and evidences that the recovery is beginning,” said Guido Albo Gutierrez, Director for Latin America.
Still, LORD has been following the usual steps common to corporations in times of economic downturn: make the internal processes more efficient, expand the range of products and explore new areas of operations.
According to LORD, the strategy has been successful in the rubber sector, which accounts for a significant share of the company’s revenue in Brazil. With the recent launch of three products, which reinforced the traditional Chemlok family, in addition to the boost given to exports due to the relatively favourable exchange rate, LORD’s sales grew 9% in the first half of the year. The result should be celebrated, especially because half of the company’s business involving adhesives and coatings for rubber are with automakers, whose sales in the first seven months of the year fell 25% compared to the low results reported in 2015.
The advance into new markets, in turn, was marked by the company’s entry in the lighting area – LORD developed a series of products for manufacturers of LED lamps and ballasts, such as encapsulation resins. Despite being a new player in this segment, LORD estimates that lighting may account for an 8% share of its revenue reported in 2016 in Latin America, according to contracts executed in Mexico and new developments in Brazil.
“To face the challenging economic scenarios, such as the one currently experienced in Brazil, LORD has strengthened its entrepreneurship, searching new markets, and focusing on innovation and on the specific needs of its customers. We intend to multiply the successes and intensify our partnerships,” said Gutierrez.
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