6/16/2010
NEWS BRIEFS
ITW Posts Strong Sales Growth
ITW reported Transportation segment revenue, including fasteners, jumped 36.2% in the past three months, boosted by the global economic recovery.
Construction products revenue, including fasteners, grew 24.7% in the three-month period ending May 31.
Those results follow a strong opening quarter, when ITW sales rose 14.6% to $3.06 billion, helped by a 35% jump in Transportation segment sales. Net income in Q1 more than quadrupled to $483.9 million.
Based on the strength of its performance, ITW increased its second quarter revenue forecast to 18% to 20%, with full-year estimates predicting growth of 10% to 14%.
In January 2010 ITW acquired UK-based specialty coatings maker ICI-Imagedata. The new business unit is called ITW Imagedata and reportedly employ about 50 workers. Imagedata was founded in 1988 and is led by general manager Ian Stephenson. ©2010 GlobalFastenerNews.com
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