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The company also received a contract from Petroleo Brasileiro SA (NYSE: PBR | Quote | Chart | News | PowerRating) for approximately $0.2 million as part of its ongoing relationship which, so far this year, yielded approximately $1.6 million in sales. These awards build upon existing business with Lakeland. The company also expects to sign another similar contract within the next 45 days.
With an in-house sales force of 20 employees and nearly 30 outside sales representatives, Qualytextil covers the entire country of Brazil, selling directly to end users. Qualytextil markets products to major state owned companies and agencies and the main oil and chemical companies.
Lakeland expects its Brazilian sales and operating earnings to remain strong in their local currency for the company's fiscal third quarter ended October 31, 2008.
Shares of Lakeland Industries fell 35 cents, or 2.78 percent, to close at $12.25 Monday.
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