Safety Products Holdings and Norcross Safety Products report results

23/03/2006

Manufacturer of branded products in the personal protection equipment industry Safety Products Holdings, Inc. and Norcross Safety Products L.L.C. have announced results for the year ended December 31, 2005. Net sales increased 9.7% to reach $481.1 million from $438.5 million in 2004. This increase was said to be attributable to increased net sales in each of its three operating segments. In the company's general safety and preparedness segment, a rise in net sales of $24 million, or 7.8%, reflected a combination of overall organic growth in Canada, Europe, and South Africa, favourable exchange rates and incremental net sales resulting from the acquisition of The Fibre-Metal Products Company. In the United States, strong overall market demand was offset by a decrease in government contract shipments resulting in lower net sales.

In the fire service segment, net sales increased $9 million, or 11.5%, reflecting continued strong market demand. In the electrical safety segment, net sales increased $9.6 million, or 18.8%, primarily driven by strong market demand and new product penetration. Both of the company's general safety and preparedness and electrical safety segments realised increased sales from the hurricane activity in the Gulf Coast region.

The company manufactures and markets a line of personal protection equipment for workers in the general safety and preparedness, fire service and electrical safety industries. Its products are sold under brand names including North, Fibre-Metal, Morning Pride, Ranger, Servus, Pro-Warrington and Salisbury.