ITASCA, IL – ITW has filed its 10-Q quarterly report showing third quarter operating revenues in its Power Systems and Electronics unit grew $53.3 million year-over-year, or 9.4%, to $620.7 million. Year to date, the segment is up 9.7% through Sept. 30.
For the quarter, the operating margin was 19%, down 50 basis points from a year ago. However, base margins climbed 40 basis points during the quarter. Base manufacturing revenues grew 3.1% and operating income was up 5%. Acquisitions made up another 3.7%, while currency translation costs added 2.5%. Growth was spurred primarily by a 26.4% jump in ITW’s international welding business. The acquisition revenue was primarily due to the purchase of a PCB fabrication business and a welding accessories business, ITW said.
The business unit includes Speedline Technologies, Vitronics-Soltec and Kester Solder, among others.
Kimball, whose EMS group's sales rank in the top 25 worldwide, declined to specify the price at the time of the acquisition. However, the amount, which covers Genesis' assets and some liabilities, was included in the company's recent earning report.
Genesis had 2007 revenues of about $16 million.
Genesis' programs and staff will be moved to Kimball’s Tampa facility.