Seco Tools Improved market conditions in North America
In the second quarter of 2014, Seco Tools reported slightly improved market conditions in North America with continued strong demand from the automotive, energy and aerospace industries.
According to Lars Bergström, president and CEO of Seco Tools, Sweden, demand in South America remained weak, while the positive market development was continuing in Asia. The company is currently looking at around US$1bn in revenue, Bergström said.
In the mid to long-term, he aims for SEK10bn (US$1.5bn). While the CEO refused to set a date for this mark, he emphasised Seco's continuing investments for long-term growth. According to Bergström, especially Asia and Africa were gaining momentum, while the focus was on applications and a strong custom-tooling presence around the world. In 2013, Western Europe accounted for nearly half (47%) of revenue, with the NAFTA region looking at 25% of global revenue, the United States being the biggest single market, followed by Germany, France and China. Seco predicts Western Europe to have a reduced 39% share in revenue by 2018.