Anixter Fastener Sales Grow Double Digits
Anixter Fastener Sales Grow Double Digits
Jason Sandefur
Anixter International reported North American OEM Supply sales, including fasteners, saw organic growth of 20% to $149.1 million during the forth quarter of 2008. “Continued strong growth in the aerospace and defense customer base along with the implementation of new industrial customer programs more than offset customer production slowdowns,” stated CEO Robert Eck. Q4 OEM Supply sales in Europe dropped 16% to $123.7 million.
Full-year OEM Supply sales in North America rose 10% to $533.3 million, while OEM Supply sales in Europe dropped 2% to $607.9 million during 2008.
During 2008 Anixter’s OEM Supply business paid about $40 million in cash plus $19 million in assumed debt to acquire European fastener distributors Sofrasar SA of Sarreguemines, France, and Germany-based Camille Gergen. When combined with Anixter’s existing OEM Supply businesses in Europe, annual revenues of fasteners and other distribution products are anticipated to reach $800 million over the next year.
Overall 2008 sales at Anixter grew 5% to $6.14 billion, while operating income sank 11% to $391.9 million. Web: anixter.com �2009 FastenerNews.com
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