Review from the Annual General Meeting 2008
In his address to the Annual General Meeting of Seco Tools AB on 29 April 2008, Kai Wärn, President and CEO, commented on significant events of 2007 and the company's development in the first quarter of 2008.
He began by commenting on the past year's very strong growth in revenue, where aggressive marketing activities, a strong product offering and a robust industrial economy were the most important drivers. Profitability and return also reached very good levels. The market situation in 2007 was characterised by good growth in all markets. The largest region, Western Europe, developed positively with especially impressive performance by Germany, Italy and the Nordic countries. Seco Tools' growth in the NAFTA region was also healthy, despite a stagnant market. Development in Eastern Europe and Asia was generally good, with China standing out as the most positive. South America, led by Brazil, reversed the negative trend of 2006 and recorded the highest growth figures of all regions during 2007. Market shares were either maintained or increased in all markets...