Anixter Fastener Sales Grow
Anixter Fastener Sales Grow
Jason Sandefur
Organic sales growth from fasteners helped Anixter International post a 15% sales increase to $936.1 million during the second quarter of 2005. Q2 revenues included an $18.7 million increase in sales from Distribution Dynamics Inc. Net income during the quarter soared 45% to $24.4 million. With the recent purchase of Infast, Anixter has assembled a fastener division with annual sales of $750 million.
“Similar to what we saw in the first quarter, the growth was particularly strong in our fastener and small component OEM Supply business, which saw 20% organic growth after adjusting for the foreign exchange effects of $0.8 million and DDI sales of $18.7 million,” stated CEO Robert Grubbs. “The growth in this market continues to reflect a combination of added SKUs to existing contracts, some new contracts and increased prices. We believe the recent acquisition of Infast will provide us with another growth vehicle in the OEM supply market going forward.”
For the first six months of 2005 sales grew 15% to $1.81 billion, including sales of $37.4 million from DDI. First half net income gained 28% to $44.8 million. Web: anixter.com �2005 FastenerNews.com
There are no comments at the moment, do you want to add one?
Write a comment