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AXA-Stenman Industries Adjust their 2001 Expectations

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VEENENDAAL, Netherlands – AXA Stenman Industries N.V., locksmiths for the bicycle industry and constructors’ hardware, forecast a drop in the results over the first 6-month period of 2001. Figures will be published on August 27th. The net profit per share will be 40-50% lower than during the same period last year. The builders’world is said […]

VEENENDAAL, Netherlands – AXA Stenman Industries N.V., locksmiths for the bicycle industry and constructors’ hardware, forecast a drop in the results over the first 6-month period of 2001. Figures will be published on August 27th. The net profit per share will be 40-50% lower than during the same period last year. The builders’world is said to have more stock than usual, with the completion of new houses slowing down. This is mentioned as one reason for disappointing results, the other being the stagnation in spring bicycle sales in most European markets. During this very period AXA has been integrating the acquisition of Danish Basta locks. This integration has been finished. Further cost cuts and efficiency improvement measures are under scrutiny. Its full effects are expected in 2002. (OB)

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