Monno Ceramic partners with Lenox Corporation to export in US market
Under the agreement, the local ceramic producer will export porcelain and bone china tableware products to the United States
Monno Ceramic Industries, one of the country's leading tableware manufacturers, announced yesterday its official partnership with Lenox Corporation as an enlisted vendor to export products to the US market.
Lenox Corporation is a US-based manufacturer that sells tableware, giftware, and collectible items.
According to a disclosure published on the stock exchange, Monno Ceramic's board has approved the vendor enlistment agreement with Lenox.
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Under the agreement, the local ceramic producer will export porcelain and bone china tableware products to the United States.
Following the announcement, Monno Ceramic's share price rose by 4.04% yesterday, closing at Tk92.60 each on the Dhaka Stock Exchange (DSE).
The disclosures reads, under this agreement, Monno Ceramic will supply Lenox's US operations with an exclusive line of high-quality bone china and porcelain dinnerware.
"The partnership combines Monno's advanced manufacturing capabilities supported by a monthly production capacity of 2 million pieces and compliance with US Federal standards with Lenox's renowned reputation for elegance and innovation."
Recently, Monno Ceramic has enhanced its production after more than a decade of struggling with gas supply issues.
With the increasing gas supply restored, the pioneering ceramic tableware manufacturer is gaining fresh momentum and cementing its position as the preferred choice of elite institutions and global brands, said the company.
Monno Ceramic listed on the Dhaka bourse in 1984.
For the last fiscal year, the company paid a 1% cash dividend and posted a net profit of Tk1.46 crore – significantly lower than the previous year's earnings.
