Amesbury and Truth Post Increased Revenues
March 11, 2014
Tyman plc, the British parent of Amesbury and Truth Hardware, reports it is "pleased with the progress made towards the integration of the two businesses" and cites a key priority in 2014 as completing the "integration of Amesbury and Truth into a single customer-facing organization." Earlier this year, the company appointed new leadership to oversee the combined organizations.
Amesbury’s revenues increased by some 10.2 percent in 2013, to $207.1 million, with consistent gains across all product lines and strong performance from hardware and sealing products, Tyman reports. "We saw particularly strong growth from the mid-to-large customer range with those customers who have vinyl offerings in their portfolio, demonstrating incremental volume growth compared with the higher-end timber window manufacturers," officials say.
Truth also had a strong first six months under Tyman ownership. Despite slower growth in revenues than Amesbury due to a struggling Canadian market, Truth reported revenues of $67.1 million in 2013, up from $64.5 million the previous year.
Tyman officials pointed to the improving housing market in the United States as one of the growth drivers. According to the company, the Canadian market was more difficult last year, where Tyman saw a contraction for its products of about 10 percent in 2013.