5/1/2009
NEWS BRIEFS
Simpson Strong-Tie Sales Shrink
Despite an increasing presence in Asia, Simpson Strong-Tie’s first quarter sales, including fasteners and anchor systems, decreased 29%. Revenue declined across all of Simpson Strong-Tie’s major product lines, particularly those used in new home construction.
Overall Q1 sales at parent company Simpson Manufacturing Co. shrunk 28.8% to $119.3 million, producing a Q1 net loss of $8.4 million compared to net income of $8.4 million for the first quarter of 2008. Simpson has cut its inventory by 10% since December 2008.
In April 2009 Simpson held the grand opening of its 175,000 sq ft facility in Zhangjiagang, China, and commenced limited production of its Anchor System products there.
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