Eriks Group’s first-half sales rise 9 percent

Industrial Distribution staff -- Industrial Distribution, 8/21/2008 7:34:00 AM

Sales for Dutch power transmission products distributor Eriks Group nv rose 9.1 percent to $793.8 million, compared with $728 million during the same period last year.

Net earnings rose 21.1 percent to $43 million, compared with $35.5 million during the first half of 2007.

Eriks said the results include sales from its acquisitions of Dutch industrial valves, fittings, hose and seals distributor Royal Econosto nv and a pair of Polish sealing components, power transmission and MRO products distributors. Its buyout of British gaskets, rubber and molded parts distributor Seals, Packings and Gaskets Ltd. is still pending, the company said.

“With the acquisition of Royal Econosto nv, the combination Eriks/Econosto has become the undisputed European market leader in valves, industrial hoses and flange gaskets. We are happy to find that both the employees of Econosto and those of ERIKS are eager to make the combination a success. With 5,400 FTEs, Eriks now realizes annual sales of well over [$1.84 billion],” CEO Jan van der Zouw said.

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