Posted February 3, 2010
Seco Tools posts 31% revenue drop
Seco Tools said its 2009 revenue declined 31% to SEK 4.889 billion (about $672.9 million in U.S. dollars).
Fourth quarter revenue fell by 22 per cent to SEK 1,231 billion (about $169.3 million).
“Demand in virtually all of Seco Tools’ markets improved slightly in the fourth quarter compared to the sales rate at the end of the third quarter. It is particularly notable that several emerging economies in Asia, such as China and India, are also showing growth relative to the previous year," said Kai Wärn, president and CEO of Seco Tools.
The Swedish cutting tool maker instituted cost-cutting programs during 2009, which included eliminating 850 jobs and enforcing shorter work hours.
