Eriks’ 1Q sales rise 2 percent
Industrial Distribution staff -- Industrial Distribution, 5/16/2008 7:24:00 AM
First-quarter sales for ERIKS Group nv rose 1.8 percent to $379.8 million, compared with $372.9 million during the same period last year.Net income for the Dutch power transmission and motion control products distributor rose 13.9 percent to $22.6 million, compared with $19.8 million during the first quarter of 2007.
“The quarter just ended has been inspiring. While growth of sales was lower than in previous quarters, we observe that industrial production remains strong. Our order intake continues to be positive. The commercial concept of the ERIKS group is proving itself. If our offer on Royal Econosto N.V. is successful, this will mean that the new combination will be undisputed European market leader in valves, industrial hoses and flange gaskets. Both companies will reinforce one another. We are highly confident about our future collaboration,” CEO J. van der Zouw said.
ERIKS said it spent a total of about $53.3 million on acquisitions during the quarter, including its purchases of German plastic and rubber components distributor Schmitztechnik GmbH, Dutch power transmission distributor Wielens Beheer bv and Polish seals, power transmission and MRO product distributors TIM Spjw and Hydro-met sc.
The company also said it sold its Dutch cylinder manufacturing plant in Winschoten for an undisclosed amount and its Rencol Tolerance Rings division to French building materials manufacturer Saint-Gobain for $25 million.
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