Recent Years
Financial Overview
|
(in million USD) |
|
FY ended Dec. 31, 2013 |
FY ended Dec. 31, 2012 |
Rate of Change (%) |
Factors |
Net Sales |
6,979 |
7,171 |
(2.7) |
1) |
EBIT |
1,176 |
1,137 |
3.4 |
- |
Factors1)
Net Sales-In 2013, the Company had net sales of USD 6,979 million, a decrease of 2.7% from 2012. Most of the decline in sales is attributed the deflation in metal prices. Revenues for the Highway Technologies division in 2013 increased due to growth in the automotive clutch and heavy duty truck axle business.
Restructuring
Berkshire Hathaway acquisition of Company shares-In the fourth quarter of 2012, Berkshire Hathaway Inc. acquired 10% of the outstanding shares of the Company for approximately USD 1.4 billion. In 2013, Berkshire Hathaway Inc. acquired an additional 9.7% of the Company for approximately USD 1.47 billion, of which USD 1.2 billion is payable in March 2014. Combined with a previous acquisition made in 2010, Berkshire Hathaway has a total ownership interest of approximately 99.7% in the Company and owns substantially all of the Company's outstanding common stock.
Award
-In 2001, a Group company, Rockbestos-Surprenant Cable Corporation, was named a General Motors Supplier of the Year 2000 for the second consecutive year. Rockbestos-Surprenant supplies cable to the Electro-Motive Division of General Motors Corporation.
Capital Expenditure
|
(in million USD) |
|
FY ended Dec. 31, 2013 |
FY ended Dec. 31, 2012 |
FY ended Dec. 31, 2011 |
Overall |
847 |
817 |
514 |
Investment Within USA
-In March 2004, Webb Wheel Products selected Tell City, Indiana as the site for a new USD 22.5 million manufacturing facility. Scheduled for completion in January 2005, the new facility produces wheel and drum components for the heavy-duty truck industry. The Company was provided a total of USD 2.5 million by the State of Indiana and Perry County.