4/21/2015 12:09:00 PM
NEWS BRIEFS
ITW Fastener Segments Report Organic Gains
ITW reported Automotive OEM segment revenue, including fasteners, declined 2.2% to $653 million in the opening quarter of 2015, despite a 7% organic increase in sales, outperformed worldwide auto builds of 1%. Organic revenues increased 13% in Europe, 3% in North America and 14% in China. Segment operating margin improved 170 base points 25%.
Construction Products revenue, including fasteners, declined 8% to $381 million, with sales in North America up 5%, sales in Asia Pacific and Europe up 1%. Segment operating margin improved 180 base points to 16.6%.
Overall ITW revenue in Q1 dropped 6.3% to $3.34 billion, with operating income rising 4.5% to $697 million and net income declining 3.2% to $458 million.
ITW manufactures highly engineered fasteners and industrial components and specialty products primarily for the auto, food and construction industries. Brand names include Buildex, Fastex, Ramset/Red Head and Shakeproof.
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