Milwaukee-based Brady Corp. said that it plans to sell its Asia-based Die-Cut business.
“Our Die-Cut business has shown many signs of improvement and has recently secured several meaningful new orders,” said president and chief executive officer, Frank M. Jaehnert. “However, we no longer consider this business core to our strategy and believe that our Die-Cut customers and our employees will be better served by being with a company where Die-Cut is a core product offering.”
The company also reported that its third quarter sales were up 11 percent to $305.73 million.
Net income for the quarter fell from $27.65 million, or 53 cents per share, in 2012 to $4.23 million, or 42 cents per share. But this year’s third quarter results included a $17.6 million loss from discontinued operations.
“In the face of a challenging economy, we continue to position Brady for long-term success by optimizing our portfolio of businesses, aligning our organization with growth opportunities and reducing our infrastructure costs,” Jaehnert said. “(The company) will continue the process of portfolio realignment as we have already divested three businesses and acquired Precision Dynamics Corporation, a business serving the health care space. We are changing our organizational structure from geographically-based to an organization structured around global business platforms. We are also targeting expansion in faster-growing geographies such as Central Europe, the Middle East, Africa and selected markets in Asia; and focusing on industries such as food and beverage, chemical, oil, and gas and health care.”
