Jason Sandefur
General Electric Co. reported Con-sumer and Industrial segment sales, in-cluding fastener distributor GE Supply Logistics, rose 2.3% to 14.09 billion, while segment profit soared 21.6% to $871 million on higher prices.
“The Consumer & Industrial business continued to grow through product innovation,” GE stated in its annual report.
Consolidated Industrial revenue increased 6.2% to $32.6 billion in 2005, while Industrial profit soared 40% to $2.56 billion.
Overall revenue in 2005 rose 11% to a record $146.7 billion, including organic revenue growth of 8%. Full-year earnings also set a record, with profit climbing 12% to $18.3 billion. All six GE businesses saw double-digit earnings growth.
“We see continued strong growth in Asia and developing markets, mid single-digit growth in the Americas, and slow growth in Europe,” CEO Jeff Immelt stated.
GE established GE Supply Logistics after acquiring Questron Technologies Inc. for $88.7 million in 2002. The distributor of fasteners and electronic hardware operates from an 82,000 sq ft facility in Irving, TX, that houses the company”s headquarters, aerospace distribution center, and an industrial and commercial branch.
A division of Shelton, CT-based GE Supply, GE Supply Logistics supplies 126,000 line items through 30 warehouses in the U.S. and Mexico. The company has about 400 employees and supplies parts for the aerospace industry as well as commercial and industrial OEM users.
Overall, parent company GE operates 216 plants in the U.S. and Puerto Rico and 237 facilities in 40 other countries around the world.
Headquarters: 3135 Easton Turnpike, Fairfield, CT 06828-0001. Tel: 203 373-2211 Fax 203 373-3131
Web: gesupplylogistics.com
NASDAQ Symbol: GE
CEO: Jeff Immelt, 50
Key fastener executives: Matt Grim, head of aerospace; Phil Schwiebert, west region director; Dan Falmer, east region director; Scott Tucker, sales & marketing; Andy Ray, sourcing; Vishwanathan Balasubramanian, operations; Derek Cleghorn, finance; Rany Hoff, quality; Brian Rowland, technology; Janice Dyer, human resources
Founded: 1892
Employees: 316,000, including 161,000 in the U.S. \ �2006 FastenerNews.com
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