Alpargatas, the big Argentinian manufacturer of shoes and textiles, has denied a report that it is up for sale. The company recently announced that it will manufacture Nike footwear at two of its plants, evidently in relation to new restrictions imposed by the Argentinian government on imports of athletic footwear. This makes Alpargatas, which also produces shoes for Nike’s rival company, Adidas, the second-largest supplier for Nike in Argentina behind MV Shoes. The deal comes on the heels of a huge turnaround for the 120-year-old Argentinian company, which in the 1st half of 2005 reported a net profit of ARS4.8 million (€1.3m-$1.6m) as compared to a net loss of ARS24.4 million in the same period one year ago. It has reported a gross profit of ARS67.7 million (€18.6m-$22.1m) on sales of 287.3 million (€78.8m-$93.7m) for the first nine months of 2005. The company has secured 92.2 percent approval from its creditors for a $600 million restructuring of its debt.