1/28/2010
NEWS BRIEFS
Fastener Segment Profit Jumps at ITW

With “virtually all OEMs boost(ing) production,” ITW reported sales at its Transportation segment, including fasteners, increased 9.6% to $593.1 million during the fourth quarter of 2009. Transportation operating profit nearly quadrupled to $88.8 million “as Q4 auto builds significantly ramped up in Europe and North America,” improving margins to 15%.

European auto builds jumped 30% to 5.1 million units in the fourth quarter, while North American auto builds gained 15% to 2.7 million units.

Construction segment sales, including fasteners, grew 4% to $432.3 million, while operating income gained 13.5% to $42.6 million.

Full-year revenue at ITW fell 18.8% to $13.877 billion, while net income declined 37% to $947 million.

ITW is a multinational manufacturer consisting of 840 business units in 57 countries and 59,000 employees. ©2010 GlobalFastenerNews.com

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