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Johnson Electric Reports 9-Month Sales Feb 16, 2012 |
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Johnson Electric Holdings, supplier of motors for appliance manufacturing and other industries, reported total sales for the first nine months of its current fiscal year were $1,612 million, up 8% from the first nine months in the previous fiscal year. Sales grew 2% in the third quarter compared to the prior year, excluding its divested businesses. The third quarter ended Dec. 31, 2011.
Johnson Electric's Industry Products Group reported sales for the nine-month period of $574 million, down 5% from the first nine months of the previous fiscal year.
IPG's third quarter sales were down 10% compared to the prior year's 3Q. Johnson Electric said this reflects a combination of management's decision to exit some lower margin segments where the economics are considered unfavorable, as well as softer end-market demand in some consumer and industrial motor applications in European and North American markets.
The group's Automotive Products Group performed strongly in the nine months, with sales up 17% to $966 million.