10/21/2014
NEWS BRIEFS
ITW Reports Automotive Fastener Gains
ITW reported Automotive OEM organic revenue, including fasteners, grew 8% in the third quarter of 2014, outpacing Q3 worldwide auto builds of 2%. Organic revenues grew 9% in Europe, 8% in North America and 12% in China. Operating margins of 23.4% increased 230 basis points.
Automotive OEM revenue totaled $631 million, with operating income rising 19% to $148 million.
Construction Products revenue, including fasteners, gained 1.1% to $445 million in Q3, while segment operating income improved 18% to $84 million.
In August ITW announced it was relocating Ontario-based GRK Fasteners to the U.S. by the end of 2014. Based in Thunder Bay, the construction fastener manufacturer employs about 40 people.
ITW said the decision to relocate GRK Fasteners was made after considerable analysis of global fastener capacity and market demand. The corporation added that the relocation would enhance the long-term competitiveness of the brand.
Overall ITW revenue rose 3.5% to $3.7 billion in Q3, with operating income gaining 14% to $772 million and net income increasing 17.5% to $531 million. Web: itw.com
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