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Husky reports 12% sales drop in 2009

March 02/2010

March 2 (Canadian Plastics) -- Husky Injection Molding Systems reported a sales decline of 12% compared to sales in 2008.


The Bolton, Ont.-based company generated sales of $1.1 billion in 2009, versus 2008 sales of $1.3 billion.


The financial results were included in an annual report released by Onex, the Canadian private equity company that acquired Husky in 2007 and took the company private.


While Husky significantly improved its margins in 2009, sales were lower primarily due to the global economic recession, the report said.


While the overall numbers were gloomy in particular, a decline of 23% in North America there were signs of brightness in the Onex report, including a 13% increase in sales of Husky equipment in Latin America in 2009.


Husky indicated there is no connection between the figures reported by Onex and the machinery makers decision to hold a large, two-day equipment auction later this month. On March 23-24, Toronto-based industrial plant auction specialist Corporate Assets Inc. will conduct the auction in Bolton, near Huskys facility. Included in the auction will be almost 20 metal cutting units, as well as paint lines, manufacturing cells and smaller equipment.


The auction is simply selling assets, most of which are at least 10 years old, that are no longer required, Husky spokesperson Alexandra Walsh told Canadian Plastics. This does not represent a shift in the way we are doing business or in our commitment to the Bolton campus. As we did last year, this year we will continue to make significant investments in new equipment and technology on the Bolton campus, which continues to be the primary mold and machine manufacturing location used to meet customer requirements in North and South America.

Husky reports 12% sales drop in 2009

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