4/29/2016 12:01:00 AM
NEWS BRIEFS
Lawson Products Reports Automotive Growth
Lawson Products reported first-quarter sales, including fasteners, declined 3.1% to $69.7 million.
“Sales were impacted by a general slow-down in the MRO marketplace, continued weak demand from customers in the oil and gas industry and a decline in the Canadian dollar from a year ago,” the company stated. “This overall decrease was partially offset by continued growth in the Kent Automotive Division.”
Q1 operating income increased to $1.2 million compared to an operating loss of $0.9 million in the first quarter of 2015. Net income fell 28% to $1 million.
“We have started 2016 with a solid first quarter,” stated CEO Michael DeCata. “These results were achieved despite ongoing softness in the industrial market, the unfavorable Canadian exchange rate and continuing slow demand in the energy sector.”
During Q1 Lawson Products completed the acquisition of Perfect Products Co. of Michigan. The acquisition adds four sales reps to Lawson’s sales team.
Founded in 1959, Perfect Products is a family-owned fastener, bolt, nut, clip and screw distribution company that offers supplies domestic and imported vehicles. Clinton Township, MI-based Perfect Products serves automotive repair shops, body shops and industrial clients “from Grand Rapids and Detroit, Michigan to Toledo, Ohio.” Web: perfectproductscompany.com
Related Stories:
Share: