NEWS
Circumvention decision due by July July 2011.
The European Commission investigation into alleged circumvention of anti- dumping measures via Malaysia is required to report its findings by 26th
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G Trade investigators made a further visit to Malaysia in late April and exporters there expect to receive the results of these investigations during May, after which there is a period for comment. EU importers, however, appear unlikely to see an official ruling on exemptions until approaching the final deadline. The period of extended uncertainty in
relation to longstanding Malaysian fastener manufacturers has been a regular cause for criticism from importers, who say it has effectively made it impossible to order from these suppliers.
Trifast issues trading update Trifast will issue results for its year end 31st March in June. In a trading
update the company says the business has continued to experience buoyant trading conditions, evidenced by March sales setting a record since the early 2009 restructuring.
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continued stable demand, economic growth is impacting the procurement market, with longer delivery times and supply bottlenecks, as well as price increases. Separately CEO David Dean scotched the idea of a hostile takeover bid for Bossard suggested
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by one analyst, based on the increased value of the company’s shares on the Swiss Stock Exchange. Dean said a hostile takeover bid would be totally pointless, reminding that the majority of voting shares are family owned.
PSM closes BAS purchase
At the end of April PSM International Holding Ltd announced the completion of its acquisition of BAS Components Ltd.
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SM purchased BAS, which has a manufacturing facility in South Wales and an applications engineering centre in Kent, from TT Electronics plc. PSM announced that BAS North American sales and operations will be moved to a PSM facility in Newbury, South Carolina. The BAS facility in Youngstown, Ohio will be converted into
a combined North American Technical Centre for both PSM and BAS, allowing both to be in closer proximity to Tier One automotive customers. Lee Timbrell, managing director of BAS, said that the acquisition was a positive step
strategically for BAS and the company welcomed the opportunity to be part of a worldwide fastener focused organisation. Established in 1930 PSM now has manufacturing and engineering operations in 23 countries.
Fastener + Fixing Magazine • Issue 69 May 2011
roup profit before tax, adjusted for the negative impact of foreign exchange, is expected to be ahead of current market expectations. Year-end net debt has increased, in line with expectations, because of increased inventory to service sales growth. Looking forward, Trifast confirmed it would pay “well earned wage rises for
staff” and would have an on-going focus on maximising margins, with particular attention to pricing of new and existing contracts and more efficient sourcing.
Bossard: 18% organic growth in Q1
Bossard Group reported 2011 first quarter sales at CHF 130 million - a year on year increase of 18.4% in local currencies.
ales in Europe were CHF 73.5 million up 16.3% in local currencies. American sales grew 23.7% based on growth with existing customers and the acquisition of new customers. Asian sales totalled CHF 20.4 million, up 17% year on year. Bossard notes that while PMIs in its main markets are all positive indicating
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