Seco Tools, Fagersta, Sweden, reported sales for the second quarter were SEK 1.78 billion (US$273.4 million), up 19 percent in a year-over-year comparison. At a fixed exchange rate, sales increased 31 percent. Profit improved 29 percent to SEK 275 million (US$42.2 million).

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For the first six months, sales were SEK 3.5 billion (US$537.7 million), up 22 percent over the prior year period. Profit increased 45 percent to SEK 520 million (US$79.9 million).

"Demand remained strong during the second quarter and revenue improved compared with the first quarter, reaching new record levels," says Lars Bergström, president and CEO. "All market regions reported strong growth during the quarter compared with the corresponding period year-on-year. The most positive trend was noted in NAFTA and Central and Eastern Europe.

"Emerging markets in Asia and South America also continued strong, but at a slightly lower growth rate compared with the corresponding period in the preceding year," he says. "Overall, we have not seen any signs of a slowdown in demand and assess the outlook for the coming quarter as continued positive."

During the quarter, Seco Tools opened a new distribution center and a new sales office in Shanghai.