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Swedish manufacturer Seco Tools reported revenue for the six months ended June 30, 2009, was down 34% at fixed exchange rates. In the latest quarter, sales fell 40%.
The company reported that weak demand persisted in all of Seco Tools' markets; but it said that the dramatic drop in demand appears to have passed, and sales leveled off at a low level during the quarter.
The company also reported continued inventory reduction by end-users and distributor, which it expects will continue through the summer.