8/8/2011 1:15:00 AM
HEADLINES
Brighton-Best Expanding/Adding Branches; Wrenn Named VP
Brighton-Best International added former Heads & Threads International president Mike Wrenn as vice president of business development / product manager, plus BBI is opening new U.S. warehouses.
BBI reported 2011 sales through May, rose 33% over 2010 to NT$2.4 billion (US$83,4 million), Fastener World magazine reported. The net income in the first five months this year was NT$ 111 million (US$38.2m); compared with NT$19 million (US$6.6m) for same time period last year.
Sales for 2010 totaled NT4.609 billion (US$); the net operating profits was NT$157 million (US$5.4m); and net income was NT$18 million (US$620,796).
Stockholders voted to reserve net income after taxes last year and retained earnings of 2009 – totaling NT 135 million, for overseas market expansion and the consolidation of distribution channels.
Fastener World attributed Brighton-Best’s sales increase to adding product types over last two years.
• BBI’s Rosa Hearn noted Wrenn “comes with extensive experience in the fastener industry, and has been a key figure in the story of HTI.”
Wrenn will work out of Brighton Best’s Chicago office to develop the company’s metrics line in the U.S.
“This is a solid product category that BBI currently plays very little in,” Hearn explained. “However, we believe BBI possesses a unique knowledge base given our international operations are already selling metrics products.”
• Brighton-Best is slated to open an expanded warehouse in Sayreville, NJ in September and has plans for new warehouses in Seattle, St. Louis and Tampa.
Brighton-Best Socket Screw Mfg. was acquired by Ta Chen Stainless Pipe Co. in 2007. Taiwan-based BBI now distributes fasteners through 31 warehouses in the U.S., Canada, UK, Brazil, Australia and New Zealand. BBI is headed by president Robert Shieh. Web: brightonbest.com ©2011 GlobalFastenerNews.com
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