1/10/2011 3:56:00 PM
HEADLINES
FINdex Outshines Competition As Investors Flock to Industrial Stocks
Industrial stocks proved a safe bet for investors in 2010, helping to drive up the FIN Fastener Stock Index 34% — its second straight year of gains of 30% or more.
The 2010 FINdex nearly tripled the performance of an index of related industrial stocks, which increased 12.2% during the year.
The strong FINdex results included solid gains in the the final half of 2010. The FINdex grew 16% in the final quarter after achieving a 14.6% jump in the third quarter. More than eight in ten public fastener companies saw their shares gain double-digit value during the second half of the year.
The strongest stock performance of the year was turned in by Park-Ohio, whose stock nearly quadrupled in the 12-month period, including a 57% jump in value during the fourth quarter.
Dorman Products also achieved impressive results, with its share value soaring 131% during 2010.
Other fastener companies with gains of 25% or more included Anixter, Barnes Group, Stanley Black & Decker, Danaher, Grainger, Precision Castparts, Chicago Rivet, BE Aerospace, Fastenal, Carpenter Technologies, MSC Industrial, Lawson and Paulin.
Fastener companies whose stock value dropped during 2010 included Alcoa and Nucor.
The FIN Fastener Stock Index rose 33.4% during 2009, gaining back most of the value it lost during the stock plunge of 2008.
Alcoa Fastener Leadership Promoted
Alcoa promoted former Alcoa Fastening Systems president Olivier Jarrault to president of Alcoa Engineered Products and Solutions. Jarrault will have overall responsibility strategically and operationally for EPS’ six business units: Alcoa Fastening Systems, Alcoa Power and Propulsion, Alcoa Building and Construction Systems, Alcoa Forgings and Extrusions. For more on AFS, click here.
Anixter Fastener Segment Post Double Digit Growth
Anixter International reported nine-month sales at its U.S. OEM supply business, including Anixter Fasteners, grew 2.1% to $403.1 million, while sales in Europe increased 27.3% to $278.6 million. For more on Anixter click here.
Stanley Black & Decker to Close Bostich Plant
Stanley Black & Decker Inc. will close a Rhode Island nail and staple plant after a multi-year recession in the construction industry. Production will be moved to plants in Indiana, Poland and China. For more on Stanley Black & Decker click here.
ITW Expanding Lexington Facility For New Product Launch
Illinois Tool Works will expand its Lexington, KY, operation, investing $1.17 million to deploy its launch of a new rib stem fastener product early next year. Click here for more.
Nucor Fastener Segment Sales Rise
Average sales price per ton decreased 3% from the second quarter of 2010 and increased 20% over the third quarter of 2009. Click here for more.
Did Grainger Achieve Double-Digit Growth in 2010?
For the 2010 fourth quarter, the company is forecasting sales to increase 8% to 10%, and expects earnings per share for the quarter to be between $1.49 and $1.69, excluding unusual items. For more click here. ©2011 GlobalFastenerNews.com
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