The Seco/Warwick Group, one of the world’s leading producers of equipment for the heat treatment of metals, generated revenue in the third quarter 2010 of PLN 53.86 million (US$17.8 million), some 113% higher than the previous year and almost twice as high as revenue in the first half of 2010. The group ended the third quarter of 2010 with a net profit of PLN 3.96 million (US$1.3 million), as against a loss in the third quarter of 2009. Revenue during the first three quarters of 2010 was PLN 118.79 million (US$39.4 million), up 34% over the previous year.
New ventures and acquisitions
The group recently announced the acquisition of US based Retech Systems LLC. Retech design and manufacture E-Beam, Plasma Arc, PACT, PAM, VIM, VAR, Consumable Electrode, and Rototrode furnaces, as well as powder production and other thermal processing equipment. The current Retech CEO and shareholder, Jim Goltz, will take up a 8.63% stake in the shares of Seco/Warwick and stay on as CEO of Retech.
Seco/Warwick has also ventured into the Chinese market, establishing a new company ‘Seco/Warwick Retech Thermal Equipment Manufacturing Tianjin Co., Ltd.’ to concentrate on the vacuum, CAB, Retech, and atmosphere furnace technologies.