SPS Technologies

John Wolz

SPS Technologies
2001 Revenue$918.1 million
2000 Revenue $872.8 million
2001 Closing Price34.92
2000 Closing Price54.81

The slowing economy triggered a cost-cutting restructuring at Inc. SPS closed plants Las Vegas, Smethwick, England, and Sevierville, TN, to cut 337 jobs.
�We began 2001 with some optimism,� retiring CEO Charles Grigg commented. �After a down aerospace market in 2000 our aerospace orders were strong in the first half of 2001, and we had aerospace backlogs for the second half of 2001 and 2002.�
SPS 2001 sales rose 5.2%, but net earnings fell 51% to $21.6 million.
John Thompson succeeded Grigg during 2002.
A group lead by investor Mario Gabelli has been increasing its stake in SPS from about 26% to 29.43% during 2001.
SPS� largest market is aircraft, followed by transportation, turbine engines, general industrial, consumer products, electronics and medical.
During 2001 SPS acquired Airbus supplier Dacar of France, and SPS subsidiary M. Argueso & Co. acquired the assets and business of J.F. McCaughin Co. The acquisitions follow an active year in 2000 when SPS acquired Avibank Mfg. Inc. and Milan, Italy-based ULMA S.p.A. Ulma.
SPS Technologies, founded in 1903 as Standard Pressed Steel Co., manufactures high-strength fastening and assembly systems, superalloys and magnetic materials.
Aerospace fasteners represent 36% of SPS revenues, automotive fasteners 17%, and industrial fasteners 12%.

Headquarters: Two Pitcairn Place, 165 Township Line Rd., Jenkintown, PA 19046. Tel: 215 517-2000 Fax 215 517-2032
Web: spstech.com
NYSE Symbol: ST
CEO: John Thompson
Investor Relations: Margaret Zminda
Employees: 6,268
Percentage of revenue from fastener-related products: 70% \�2002 FastenerNews.com