4/1/2011 3:19:00 AM
NEWS BRIEFS
Rail Fastener Plant Planned for Russia
Rail fastener producer Vossloh Fastening Systems sales surged 38.3% to €369.4 million in 2010, making the division “a key factor” in organic growth throughout the group.
“Extra sales were generated in particular in China and Turkey,” the group stated.
Vossloh has been fitting its fasteners to the new Beijing–Shanghai line. In August 2010, Vossloh Fastening Systems was awarded another “mega-contract” to provide fasteners for the Lanzhou–Urumqi line in northwest China.
The Vossloh Group reports all-time sales and EBIT highs for fiscal 2010. “Driven especially by further expansion of business in rail fasteners,” sales grew 15.1% to €1.35 billion, including organic growth of 7.9%. EBIT rose 10.3% to €152.1 million. Group earnings in 2010 climbed 10.9 percent to €97.5 million; earnings per share (EpS) increased to €7.32.
“2010 was the most successful year in our corporate history,” says Vossloh AG CEO Werner Andree.
Vossloh has budgeted for 2011 and 2012 total capital expenditures of €150 million, including about €90 million this year. Part of the funds will go toward building a rail fastener plant in Russia, as demand continues to grow for rail fasteners.
“The rail fastener business is also surpassing expectations in other regions of Asia, including markets where Vossloh has for the first time been awarded.”
At year-end 2010, Vossloh’s workforce grew 4.2% to 4,906, up by 4.2 percent or 198 employees.
For 2011, the Vossloh Group expects to top sales of around €1.4 billion, an EBIT beyond €160 million, and group earnings of around €95 million. ©2011 GlobalFastenerNews.com
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