Wajax appoints new head of industrial components group
Toronto - Steve Deck was appointed to the position of senior vice-president, Wajax Industrial Components on March 3, 2014, subsequent to the departure of Adrian Trotman. Prior to his appointment, Deck spent the past seven years in senior...
Toronto – Steve Deck was appointed to the position of senior vice-president, Wajax Industrial Components on March 3, 2014, subsequent to the departure of Adrian Trotman. Prior to his appointment, Deck spent the past seven years in senior positions at a mining drilling products and services company. He also has 21 years of experience in industrial distribution in Canada.
Trotman, who had held this position from May 24, 2010 to February 2014, previously had over 20 years of experience in industrial distribution in Canada with a major US multinational. He is a professional engineer and has an MBA degree.
Commenting on the new appointment, Mark Foote, president and chief executive officer, Wajax Corp., said: “Steve has got very strong background in senior leadership roles in industrial distribution and we are pleased that he has joined our team to drive improvements in our industrial components division.”
In a fourth-quarter 2013 earnings call on March 4, 2014, by Seeking Alpha (www.seekingalpha.com), Foote said: “Our expectation is that the market conditions in 2014 will be similar to those that we encountered in 2013 and a continuing weakness in the oil and gas and mining equipment markets is expected to create challenges for earnings growth in 2014. In particular, we anticipate earnings in the first quarter to be lower than last year.”
John Hamilton, Wajax senior vice president, finance and chief financial officer, added that, regarding industrial components, “overall revenue of $89.1 million was up 4% compared to $85.3 million posted last year. This increase was entirely attributable to the Kaman Canada acquisition completed at the end of last year.
“Bearings and power transmission parts sales were up $3.3 million as most of the acquisition volume is attributable to this category. Fluid power and process equipment sales increased $500,000. Earnings of $2.1 million were down $1.5 million year-over-year. The decline was a result of lower gross margins mainly as a result of product mix and competitive pressures in Western Canada and a $0.8 million increase in SG&A costs. The increased costs were primarily attributable to the costs taken on as part of the acquisition.