1/28/2016 12:01:00 AM
NEWS BRIEFS
ITW Fastener Segments See Organic Growth
ITW reported fourth-quarter Automotive OEM organic revenue, including fasteners, grew 5%, including 10% growth in Europe, 4% growth in North America and 14% growth in China. Total Q4 segment revenue reached $615 million, with a profit of $135 million and operating margin of 22%.
Full-year Automotive OEM segment revenue totaled $2.53 billion, with operating income of $613 million and operating margin of 24.2%.
Q4 organic revenue for Construction Products, including fasteners, increased 3%, driven by 7% growth in Asia Pacific and 2% growth in North America. Segment revenue for Q4 totaled $378 million, with operating income of $75 million and operating margin of 19.9% — up 420 basis points.
Full-year Construction Products revenue reached $1.59 billion, with operating income of $316 million and operating margin of 19.9%.
The news comes days after ITW announced a deal to acquire the global automotive Engineered Fasteners and Components business of ZF TRW for $450 million.
ITW reportedly intends to run the Engineered Fasteners and Components business as a standalone division within ITW’s automotive OEM segment. Web: itw.com
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