Posted July 20, 2010
Seco Tools reports 32 percent revenue jump
Seco Tools reported that revenue for the second quarter rose by 32 percent at fixed exchange rates, and by 26 percent in Swedish kronor, to SEK 1,485 M ($201 million).
Operating profit for the quarter was SEK 311 M ($42.1 million).
"Demand continued to improve successively in virtually all of Seco Tools' markets during the quarter. As earlier, the most significant growth is taking place in South America and the emerging markets of Asia, together with the USA. It is also encouraging to see good development in the large German market," said Kai Wärn, president and CEO.
He added that sales in Asia and South America during the second quarter were well above 2008 levels. Sales in Central and Eastern Europe recovered to roughly the same level as in 2008, while sales in Western Europe and the USA remain below 2008 levels.
During the quarter, Seco acquired the French tool company AOB, a maker of Poly Crystalline Diamond (PCD) cutting tools and expertise in machining composite materials.
