Twin Disc reported an 18 percent drop in sales in its fourth quarter, to $59.4 million, due to softness in the oil and gas industries. However, its Veth Propulsion acquisition realized a 6.2 percent increase in sales for fiscal 2020 and a 26 percent increase compared to the prior fiscal year fourth quarter. “Throughout the Covid-19 crisis, we have aggressively eliminated expenses and aligned our cost structure with expected sales, while focusing on strengthening our balance sheet and reducing working capital levels,” CFO Jeffrey Krutson said.
Components manufacturer and distributor Patrick Industries said it completed its acquisition of Inland Plywood Co., with assets that will help expand the parent company’s specialty product distribution. “We are extremely excited to partner with the Inland team, who are recognized and respected market leaders with a tremendous brand and reputation for providing innovative and quality products to the marine, RV and industrial markets,” Patrick president and CEO Andy Nemeth said in a statement.
Liqui Moly tapped Atlantic Marketing Co. to represent its line of engine lubricants and fuel additives. “We're pleased to be working with the sales team at Atlantic Marketing,” Liqui Moly business development manager Gary Driver said in a statement. “They have deep, respected relationships within the industry, and we're confident of their abilities to successfully market our premium-quality products and help grow our brand awareness.”