Hubbell Inc. Orange, Conn., reported sales for the first three months of the year $301.7 million versus $344.1 million in 2001, a 12.3 percent drop. “Hubbell made substantial progress during the quarter toward our two primary objectives: reducing costs and building future opportunities,” said Timothy H. Powers, president and CEO. “New initiatives announced earlier this year are on schedule with plant consolidations well underway in the U.S., Mexico and Puerto Rico. The benefits of these cost reductions will begin to appear later in the year. When the restructuring program is complete, we expect annual savings approaching $20 million going forward.

Powers said concurrent with continuing slow demand in today's markets are exceptional acquisition opportunities. “Our objective is to substantially expand Hubbell's leading position in its core markets with accretive acquisitions. Late in 2001, we added MyTech Corp., noted for its technological innovation in occupancy sensing for lighting systems. In March of this year, Hawke International, the global leader in brass cable glands for harsh and hazardous locations, joined Hubbell and is expected to add $20 million in revenues with double-digit profit margins in its first full year.

You have reached this page because you attempted to view material that is only available to on-line subscribers. If you are already an on-line subscriber, please log in using the login box on the right. If you still cannot access the rest of this site, please email or call our customer service department:

US Toll Free: (866) 505-7173
International: (847) 763-9504
Email: custserv@newsletter.penton.com

If you are interested in being an online subscriber, please check out our Subscription page (or the tab above right).

Thank-you from the staff of Electrical Marketing.