Fiskars Updates Financial Outlook for 2007
|Fiskars Corporation Press Release||FlashlightNews.org - 9/28/2007|
Parent of Silva, Brunton, and Gerber forecasts significant net sales growth for year
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HELSINKI, Finland - Subsequent to the Iittala Group consolidation as of September 1st 2007 Fiskars Corporation net sales are estimated to grow by around 20% in 2007 compared to the previous year.
Earnings before interests and tax (EBIT) of the wholly owned businesses in Fiskars are estimated to further increase from last year. Main contributors to the increase are:
- Consolidation of the Iittala Group where profits are estimated to be mainly generated during the last months of the year as has been the case during the previous years.
- Gradually improving profitability experienced in Fiskars Brands during the first 8 months that is largely a result of the restructuring measures implemented in 2005 - 2006 as well as positive development at Inha Works.
- The continued price increases of standing timber.
The share of profits from the associated company Wärtsilä is estimated to again form a substantial part of Fiskars' operating profit in 2007.
Fiskars net earnings this year will further be enhanced as the company has sold some of it's Wärtsilä B-shares and subsequently acquired a corresponding amount of Wärtsilä A-shares creating a non-recurring capital gain.
Fiskars will publish its Interim Report for the period January-September on November 1, 2007.
Founded in 1649, Fiskars is now an international corporation which includes the subsidiaries: Fiskars Brands, Iittala, Inha Works, and the Real Estate Group. The associated company Wärtsilä Corporation is an important part of Fiskars Corporation. Fiskars employs some 4,300 people around the world.
Fiskars Brands has four consumer product divisions: Craft, Garden, Housewares, and Outdoor Recreation. Globally, their best known products are the Fiskars® orange-handled scissors and their wide range of garden tools.
Iittala Group is a leading homewares design company offering a wide range of products which epitomize the best of modern Scandinavian design. The Iittala Group is the market leader at home in Finland, Sweden, and Norway.
Inha Works manufactures Buster® aluminum boats, hinges, and forged products, which are sold mainly in the Nordic markets.
The Real Estate Group administers the company's holdings of approximately 15,000 hectares of land and buildings in south-western Finland, part of which is Fiskars Village.