Simpson Strong-Tie Sales Decline
Simpson Strong-Tie Sales Decline
Jason Sandefur
Simpson Strong-Tie’s third quarter sales, including fasteners, decreased 2.1%, parent company Simpson Manufacturing Co. reports. Simpson Strong-Tie’s sales to contractor distributors had the largest percentage rate decrease, while sales to home centers increased slightly.
“Reflecting the deterioration of construction markets and economic conditions generally, sales decreased across most of Simpson Strong-Ties major product lines, particularly those used in new home construction,” the company stated.
Q3 sales from the Swan Secure product line, acquired in July 2007, increased “significantly.”
Simpson Strong-Ties sales during the first nine months of 2008 decreased 6.7%.
In July 2008, Simpson Strong-Tie purchased 100% of the equity of Ahorn-Gerate & Werkzeuge Vertriebs GmbH (Ahorn), a German company, and its subsidiaries in the Czech Republic and China. The $8.5 million acquisition will broaden Simpson Strong-Tie’s collated fastener product line and add production capacity in both Europe and China.
Overall Q3 sales increased 1.2% to $219.8 million, while net income grew 3.2% to $23.4 million. Web: simpsonmfg.com �2008 FastenerNews.com
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