SPS Restructured Amid Slipping Sales

John Wolz

SPS closed 11 plants and cut its workforce by 1,200 during 2002. SPS operates 23 factories in the U.S. and 17 in England, Ireland, Canada, Brazil, Australia, China, Italy and France.
SPS reported sales dropped 9.6% to $830.3 million, while net income fell 72% to $6.1 million. Aerospace fastener revenue dropped 13.3% during 2002 to $306.1 million. Despite declining sales, SPS reduced its debt by $38.6 million in 2002.
U.S. customers account for 75% of sales, but SPS said its products are gaining market share in Asia, prompting the increased transition of manufacturing to the continent. SPS has over 250 employees in Asia.
SPS� largest market is aircraft, followed by transportation, turbine engines, general industrial, consumer products, electronics and medical.
Aerospace fasteners represent about 36% of SPS revenues, automotive fasteners 17% and industrial fasteners 12%.
SPS is headquartered at Two Pitcairn Pl., 165 Township Line Rd., Jenkintown, PA 19046. \ �2003 FastenerNews.com