8/6/2012 10:55:00 AM
HEADLINES
STOCKS: Vossloh Fastening Systems Revenue Gaining Ground
Vossloh reported Fastening Systems revenue dropped 17.5% to EUR 114.3 million during the first six months of 2012, hampered by “project delays in China and the related sales shrinkage.”
In June, shipments resumed in China, contributing a sales gain of 3% to EUR 74.9 million in the second quarter.
First-half order influx by the Fastening Systems segment fell 24% to EUR 143.2 million, though major new contracts were booked in Germany and Thailand during Q2. Orders on hand rose 15% to EUR 295.1 million.
Capital expenditures at Vossloh Fastening Systems declined 66% to EUR 1.5 million in the opening half, with emphasis on “expanding capacity and restructuring the Werdohl location.”
R&D expenses for fasteners dropped 31% to EUR 1.1 million for the period.
In 2012 Vossloh Fastening Systems has added workers in Poland and Turkey, bringing the overall segment workforce to 556 employees.
Overall Vossloh sales grew 2% to EUR 571.3 million during the first half of 2012, with EBIT falling 30% to EUR 31 million. ©2012 GlobalFastenerNews.com
Related Stories:
• Stanley Black & Decker Buying Infastech
Related Links:
• Vossloh
Share: