1/27/2011 1:46:00 PM
NEWS BRIEFS
Emhart Teknologies Keeps Double-Digit Pace
Emhart Teknologies, the legacy Black & Decker Engineered Fastening business, delivered sales growth of approximately 15% in the fourth quarter of 2010, driven by market share gains and increased platform penetration as well as increased automotive production in North America and Germany.
Emhart’s unit volume increased 11%, while price had a negative 1% impact, acquisitions added 4% and currency was a positive 1%.
Organic sales for Hand Tools, Fasteners & Storage rose 4% due to the success of Bostitch hand tools as well as Stanley-branded storage units. Price fell 1%.
Overall Industrial segment sales increased 144% to $575 million, while profit, excluding one-time charges, improved 350 bps versus prior year to 14.8%, attributable to the inclusion of the legacy Black & Decker Engineered Fastening business and CRC-Evans.
Full-year Industrial segment sales, including Emhart, more than doubled to $1.85 billion, with profit more than tripling to $269 million.
Overall 2010 sales soared 125% to $8.4 billion, boosted by a 29% gain in revenue from Latin America.
For 2011 the company forecasts organic net sales to increase 5-6% from combined company pro-forma level of $9.3 billion. ©2011 GlobalFastenerNews.com
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