Economy Slows Ivaco Fastener Operations
Economy Slows Ivaco Fastener Operations
John Wolz
The North American recessionary conditions slowed sales and profits at Ivaco Inc., CEO Paul Ivanier announced.
Third quarter 2001 sales fell 10.5% to $211,360,000 and EBITDA dropped 60% to $12,091,000.
“Pressure on selling prices for many of the company�s products is continuing,” Ivanier said.
Except for some fastener operations, which are running at only 75% of capacity, Ivaco units are maintaining high levels of production, Ivanier reported.
Sivaco Wire Group�s Sivaco Quebec “had very strong shipments in October and tons shipped were the highest of any month so far in the second half of the year,” Ivanier pointed out. September wire rod production at Ivaco Rolling Mills set a new monthly production record and September shipments in October set a single month company record, “reflecting the progress made since the rod mill expansion was completed last year.” Web: ivaco.com �2001 FastenerNews.com
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