PCC Sales Drop; Reed-Rico/India Kadimi JV Strong
PCC Sales Drop; Reed-Rico/India Kadimi JV Strong
John Wolz
The industrial products segment of Precision Castparts Corporation posted a 6.3% sales gain while the parent company reported sales dropped 18.4% for the fiscal quarter.
Industrial products include the Holden, MA-based PCC Specialty Products Inc., fastener machinery tooling group of Reed-Rico and Astro Punch.
“Reed-Rico continues to realize positive results from its joint venture with Kadimi in India and has begun to see international markets respond favorably to more competitive pricing,” the company said.
Precision Castparts reported its third fiscal quarter, which ended December 29, 2002, totaled $501.6, down from $614.6 million in the same period a year ago.
Net income from continuing operations was $37.4 million, compared with $36.2 million for the same period of 2001. Web: precast.com @2003 FastenerNews.com
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