Global Fastener News

FEATURE

A Zimbabwe company founded in 1939 to import fasteners and supplies for animal-drawn implements used by small-scale farmers reported 2009 sales of US$9.1 million, including exports of $3.4 million.

Zimplow Ltd. was founded as the Rhodesian Plough & Machinery Company Limited to ensure supplies to farmers that were traditionally imported from Europe would not be blocked by World War II.

Chairman Onias Chidawu reported 2009 was a good year for Zimplow. “I have pleasure in providing a report under a totally different economic, social and political climate from that which prevailed in 2008,” he reported to shareholders.

Chidawu noted that “the world economic platform has significantly shifted since my last report. Oil and steel prices dropped significantly and have since recovered again. The world financial crisis has drastically shifted economic power from the West to the East, with China dominating the world economic scene. In the meantime, your group did not lose focus on its clear direction of maintaining export markets while retaining the local market share in spite of global challenges.”

Zimbabwe-headquartered Zimplow reported US$5.6 million in domestic sales for 2009.

Zimplow qualified for a reduced tax rate of 20.6% because the company exported more than 50% of its manufactured products. That made the after tax profit $2.2 million.

• Mealie division sales for 2009 fell 35% to $7.6 million from the previous year. Mealie manufactures animal drawn agricultural implements and hoes predominantly for the South of the Sahara market.

• The CT Bolts division, acquired in 2006, reported sales of $1.02 million for 2009. CT Bolts manufactures and distributes fasteners, including mild steel bolts and nuts, nails and wood screws.

“The division has experienced a surge in its sales indicating some form of growth within the economy,” Chidawu reported. The division posted an operating profit of US$132 597.

• The Tassburg division, which manufactures wood screws, verandah bolts, high tensile bolts and nuts, operated at less than 30% capacity and the bolt section did not operate during 2009.

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