Koelner Trims Outlook for 2008
Koelner Trims Outlook for 2008
Jason Sandefur
Koelner Group estimates generating net profits of ZL20 million (US$8.9 million) in 2008, boosted by lowering costs and increased synergy. Koelner has cut employment by 12% and completed the transfer of production from Rawlplug in the UK to Srubex on Poland, according to the Polish News Bulletin.
Koelner acquired Rawlplug in 2005 and invested heavily at the Glasgow plant, spending more than $2 million on a Nedschroef 518 header and associated equipment, as well as new assembly machinery, and improvements to warehouse and office buildings.
By 2010, Koelner expects its net gains to reach roughly ZL100 million (US$44.5m), with revenue at ZL1 billion (US$445.6m).
However, the appreciation of Polish currency, the zloty, prompted Koelner to cut its 2008 revenue estimate 8% to ZL730 million (US$325m) and operating earnings projection 17% to ZL65 million (US$28.9m). Web: koelner.com.pl �2008 FastenerNews.com
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