7/30/2010 10:33:00 AM
NEWS BRIEFS
Distributor Sales Boost Simpson Strong-Tie Revenue
Simpson Manufacturing reported sales for Simpson Strong-Tie increased 8.8% to $165.6 million during the second quarter of 2010, while income nearly doubled to $21.1 million.
Sales increased throughout most of North America and Europe. The growth in the United States was strongest in the midwestern and northeastern regions, while sales in both California and the western region declined slightly as compared to the second quarter of 2009.
Sales in Asia, although relatively small, have increased as the Company has recently expanded its presence in the region. Sales to dealer distributors increased, while sales to contractor distributors were flat and sales to home centers decreased over the same period.
Simpson Strong-Tie sales during the first half of 2010 gained 10.7% to $289.4 million, with income soaring to $30.9 million. Six-month R&D expense grew 11.4% to $10.4 million, primarily due to increased personnel costs of $1.3 million.
Simpson Mfg. said steel prices have decreased from their levels in early 2010, but the company expects steel prices may increase during the remainder of 2010 as steel producers reduce supply and their raw material costs are expected to increase.
In June Simpson reached a deal to sell its non-fastener subsidiary, Dura-Vent, to Netherlands-based M&G Holding for $20 million in cash. Dura-Vent designs, engineers and manufactures venting systems for gas and wood burning appliances.
Simpson Strong-Tie, designs, engineers and is a leading manufacturer of wood-to-wood, wood-to-concrete and wood-to-masonry connectors and fastening systems, stainless steel fasteners and pre-fabricated shearwalls. Simpson Strong-Tie also offers a full line of adhesives, mechanical anchors and powder actuated tools for concrete, masonry and steel. Web: strongtie.com ©2010 GlobalFastenerNews.com
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