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SecoTools Sales Up 27% in 3Q

Swedish manufacturer SecoTools reported third-quarter sales of SEK 1.43 billion (US$213.3 million), an increase of 26.6 percent over the same period in 2009. Profit was SEK 164 million (US$24.5 million), compared with SEK 15 million (US$2.2 million) a year ago.

For the first nine months, sales were SEK 4.28 billion (US$638.5 million), up 17 percent over the prior year period. Profit was SEK 522 million (US$77.9 million), compared to SEK 83 million (US$12.4 million) a year ago.

"Demand continued to improve during the quarter and all market regions reported higher revenue growth than in the previous quarter with the exception of the seasonal downturn during the summer," said Kai Wärn, president and CEO. "The most significant growth is still being seen in South America. Of the mature markets, the USA is showing particularly strong development. All in all, the prospects for continued rising demand are deemed favorable."

SecoTools completed the acquisition of the French tool manufacturer AOB during the third quarter.

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