President of the US Kenner company is optimistic about the industrial tool market this year
Kennes Metals CEO Carlos Cardoso recently said at the company's annual meeting that the company is optimistic about the industrial tool market in the first half of 2010 and believes that market conditions may be moderately improved.
Cardoso said that although the recession has bottomed out, the sheer size of the recession has made it very cautious in predicting the speed and intensity of the economic recovery. At present, industrial orders have increased slightly, and he expects that the auto industry will experience a certain degree of recovery.
Like many other companies, Kenner suffered losses in this global recession and financial market crash. In the fiscal year from July 2008 to June 2009, Kenner’s sales revenue was close to $2 billion and the loss was $119.7 million. In contrast, in the last fiscal year, Kenner's sales revenue reached 2.6 billion US dollars, with a profit of 167.7 million US dollars.
Cardoso also said that Kenner has benefited from the government's economic stimulus plan. In China, the government's stimulus package has been introduced for less than a month, which has increased sales in China's tool market. In the United States, an estimated $100 million in investments to improve highways and other infrastructure is beneficial to Kenner's business.
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