Infast Adds $70m to Anixter Sales
Infast Adds $70m to Anixter Sales
Jason Sandefur
Anixter International reported sales grew 22% to $1.07 billion in the first quarter of 2006, including $70.1 million in sales from fastener distributor Infast. Q1 operating income soared 51% to $59.6 million, and net income gained 53% to $31.3 million. Infast contributed $400,000 in operating income during Q1.
“If we go to the fastener world – if I look at the first quarter we were once again real pleased with the progress we’re making there,” noted CEO Robert Grubbs noted during a conference call. “We continued to get the conversions done at the original schedule, and as we go through ’06, those will wind down in North America, which leaves us a very competent group of people to do implementations of new projects and new customers.”
Grubbs said Anixter Fasteners saw “good organic growth” with new customers and additional products. Anixter Fasteners is “starting to see opportunities” outside of the UK and the U.S. in places like Mexico, Turkey, France and Italy.
“The Infast acquisition quite frankly continues to integrate with the Hexagon Group at a rate that’s actually a little quicker than our expectations as far as market presence where we’re going and the acquisition is absolutely living up to our expectations at this point,” commented Grubbs. Infast already has a single management, sales and implementation structure in place, Grubbs noted. Web: anixter.com �2006 FastenerNews.com
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