14 Nov 2005
From Rubber & Plastics News
Lionville, Pennsylvania-Medical components manufacturer West Pharmaceutical Services Inc. reported net income of $12.8 million on net sales of $173 million in the second quarter, boosted by the acquisition of the Tech Group Inc.'s North American and European businesses in May.
The Tech Group added $17.5 million of sales, accounting for nearly 13 percent of West's sales growth during the period, according to the company's second quarter results released July 21. Sales in West's remaining businesses rose to $155.5 million compared to $136.1 million in the like quarter of 2004.
Net income for the quarter was up 66.2 percent from the 2004 period.
"Our overall sales performance was very positive, with growth in our core component sales ahead of expectations and the Tech Group contributing at the end of the quarter," said Donald Morel Jr., West chairman and CEO.
Through six months of 2005, West's net sales climbed 20.9 percent to $322.4 million, while net income jumped to $26.1 million from $14.7 million last year.
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