Netherlands-based Hagemeyer NV reported Group revenue was up 3.2% on an organic basis in the third quarter 2007, with sales of 1.6 billion euro (US$2.3 billion*).
Organic growth for the PPS business was 2.8% in the third quarter, with improvement in the North American rate. Organic growth for Hagemeyer’s electronics division was 3.7%.
Hagemeyer reiterated today that Sonepar’s offer to buy the distributor for roughly US$3.5 billion undervalues the company.
In the U.S., sales were down 3.9% in the first nine months of 2007, and down 0.6% in the third quarter 2007. Overall in North America, sales were down 2.9% in the first nine months, and up 0.8% in the third quarter.
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Hagemeyer reports strong sales growth in the Construction and Installation business despite the weaker residential market. The company sees strong demand for non-residential construction project business.
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Industrial MRO sales in North America were flat. Hagemeyer reports that its decreasing government sales and lower sales to large national MRO customers offset new customer wins in the mid-market. Third-quarter sales also decreased in its integrated supply business as a result of reduced manufacturing levels with some of its large integrated supply customers. Integrated supply business is expected to continue its decline in the fourth quarter due to a winding down of several contracts.
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Business in Canada continues to strengthen, with the mining sector contributing significantly to growth.
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Mexico had double-digit organic sales growth thanks to new customer wins and strong sales to offshore-drilling customers.
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Europe sales in PPS were up 7.3% for the first nine months, and 3.7% for the third quarter.
Asia-Pacific sales were up 4.8% for the first nine months, and 1% for the quarter.
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*Based on exchange rate of 1 euro=US$1.42
