5/4/2010
NEWS BRIEFS
Techno Skruv Parent Indutrade Reports Order Increase
Swedish industrial products group Indutrade AB reported sales dropped 12% to SEK 1,527 billion (US$209.7 million) during the opening quarter of 2010, though the company pointed to a 10% rise in order intake over invoicing, indicating the start of a growth phase. Order growth was attributable to recent acquisitions.
Q1 operating profit decreased 11% to SEK 144 million (US$19.8m).
During the quarter Indutrade acquired fastener distributor Techno Skruv AB. Founded in 1993, Techno Skruv supplies standard and special fasteners to engineering, energy automotive industry in Sweden, with annual sales of SEK 70 million (6.9 million euros).
Techno Skruv is part of Indutrade’s Industrial Components division. Other division companies include Finnish construction fastener suppliers Kinnike-Kolmio OY and Vipmek OY.
Indutrade said that among the countries in which it operates, Sweden is showing the strongest growth, with the engineering industry, including commercial vehicles, leading the recovery.
During the quarter, Indutrade acquired a total of six businesses with annual sales of nearly SEK 470 million. Together with the acquisitions made in autumn 2009, Indutrade’s invoicing will increase by approximately SEK 700 million.
“Despite the high pace of acquisitions during the first quarter, the ambition is to make additional acquisitions in the coming quarters,” stated CEO Johnny Alvarsson. “In view of the trend of higher order intake for existing businesses and favourable acquisitions opportunities, I have a positive view of our performance in 2010.” ©2010 GlobalFastenerNews.com
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