Simpson Strong-Tie Sales Dip
Simpson Strong-Tie Sales Dip
Jason Sandefur
Simpson Strong-Tie sales decreased 18.9% during the fourth quarter of 2008, despite opening sales offices in Asia and preparing to open its new manufacturing facility outside of Shanghai, China.
Simpson Strong-Tie’s 2008 sales decreased 9.2%. “Reflecting the deterioration of construction markets and economic conditions generally, sales decreased across all of Simpson Strong-Tie’s major product lines,” the company stated.
Sales of Swan Secure product line, acquired in July 2007, accounted for slightly more than 4.0% of Simpson Strong-Tie sales in 2008.
Overall Simpson sales in 2008 decreased 7.4% to $756.5 million, while net income dropped 21.5% to $53.9 million.
Simpson officials said that while “steel prices have declined from their peak in July 2008,” the company thinks prices “may have reached bottom,” limiting the likelihood of further price cuts in early 2009. Web: strongtie.com �2009 FastenerNews.com
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