Global Fastener News

Alleghany, Heads & Threads Post 2nd Quarter Losses

John Wolz

Alleghany Corporation reported a $9.3 million loss in the second quarter of 2001, with its fastener importing subsidiary reporting $8.8 million in losses.
In the second quarter last year the corporation reported net earnings of $116.1 million and Heads & Threads had earned $1.4 million.
An Alleghany statement said the Heads & Threads loss reflects “a material slowdown in the markets for its products, a strengthening of its inventory reserves and $2.6 million of pre-tax charges for write-offs relating to its computer system and the closure of certain branches and sales offices.”
For the first half of 2001 New York-based Alleghany revenues totaled $1.166.9 million, nearly double the $601.6 million last year. Despite the second quarter losses, net earnings for the first six months of 2001 were $451.2 million, compared with $74.7 million during the same period of 2000. �2001 FastenerNews.com