MILAN Nov 22 Italian laser manufacturer El.En.
expects its business to grow further next year as it
looks to expand in China in the medical laser sector, the
company's chief executive told Reuters on Thursday.
"We are counting on China a lot in the medical sector. It's
becoming a rich country and there is potential we have not yet
fully explored," Andrea Cangioli said in an interview.
China is expected to boost its health-sector spending in
coming years, attracting foreign investors.
El.En., one of Europe's leading manufacturers of industrial
and medical laser systems, will also seek to strengthen its
position in the U.S. market and Brazil.
"In the U.S. we need to strengthen our distribution network,
independent of Cynosure," Cangioli said.
The Florence-based El.En. has a controlling stake in U.S.
laser-making company Cynosure but will be selling down
its stake to 13 percent in a capital increase under way.
The company will make a significant capital gain from the
operation and Cangioli indicated this could feed through to the
"We have always remunerated shareholders on our results. I
do not promise to pay one (dividend) but company policy has
always been to distribute one when we have profits," he said.
In the first nine months to September El.En. saw a 30
percent growth in its sales to 191 million euros.
"We are counting on a much better fourth quarter than last
year," Cangioli said.
He confirmed a 10 percent growth in sales for 2012. "I would
be disappointed if we were not able to continue the rising
trend," he said.