6/19/2009
NEWS BRIEFS
Trifast Sales Slowing

Trifast reported sales slipped 12% to GBP104.9 million during the fiscal year ended March 31, 2009, while gross profit slipped 20% to GBP26.6 million and operating profit resulted in a loss of GBP11 million.

“Particularly hard hit has been the automotive sector, which affected our UK, Swedish and Taiwanese operations,” the company stated.

The UK company said the European Union’s duties on Chinese fastener imports affected business.

“By cruel coincidence in Q4 the EU imposed anti-dumping duties on steel components from China that ranged up to as much as 105%. Price competition within the fastener industry over the past decade has driven European bulk sourcing to the lower cost sourcing economies, of which China is the most prolific supplier. Consequently most European fastener distributors ramped up their buying quantities from this region last year so as to ensure requirements were received ahead of the due imposition date. This, combined with the significant decline in customer requirements, created overstocking in the sector.” ©2009 GlobalFastenerNews.com

Related Links:

• Trifast