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Seco Tools 2010 Sales Up 27%

Swedish manufacturer Seco Tools sales in the fourth quarter were up 28 percent to 1.57 billion kronor (US$245 million). For the full-year 2010, sales were up 27 percent at fixed exchange rates to 5.85 billion kronor (US$910 million).

Profit for the year was 742 million kronor (US$115 million).

Seco reported that demand improved steadily in the quarter in most of Seco Tools' markets. The strongest growth was seen in emerging markets Asia and Eastern Europe.

The manufacturer plans to continue its "Positioning for Growth program, focused on market penetration in growth regions, as well as upgrading its product portfolio. It plans to include new products in drilling and end milling area for machining of composite materials.

Also in the fourth quarter, Seco Tools acquired Niagara Cutters, a manufacturer of solid carbide end mills. "The acquisition will strengthen Seco Tools' position and market share in this segment in general and in the important U.S. market in particular, and will give the Group valuable experience in diamond coatings and micro-tools,” says Lars Bergström, president and CEO.

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