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For Immediate Release
Contact: Scott Howat
Director of Global
Affinia Group Inc.
AFFINIA GROUP ANNOUNCES RECORD SALES AND PROFIT FOR 2010
ANN ARBOR, MICHIGAN, March 10, 2011 Affinia Group Inc., an innovative global leader in the design, manufacture, distribution and marketing of industrial grade products and services, today reported its financial results for the fourth quarter and full year ended December 31, 2010.
Full Year 2010
Consolidated net sales for the full year 2010 were $1.991 billion, as compared to $1.797 billion for 2009, an 11 percent improvement. The $194 million growth in net sales was primarily a result of improved market conditions, increased sales in our Brazilian distribution business and new business wins with new and existing customers. Currency translation had a $26 million favorable impact on sales as compared with full year 2009.
Filtration products net sales were $759 million in 2010, a $46 million increase compared to 2009. The 6 percent increase in sales was attributable to $43 million of additional sales in the U.S. and Canadian markets and a $23 million increase due to improved market share in European markets. Offsetting these increases was unfavorable currency translation, primarily resulting from currency devaluation in Venezuela.
Brake North America and Asia products net sales were $633 million in 2010, a $40 million increase compared to 2009. The higher sales were partially due to improved market conditions and new business wins with new and existing customers in the U.S. and Canada. Additionally, the Companys Chinese operations experienced a $14 million increase in sales to external customers both within and outside of China. Currency translation also had a favorable impact on year-over-year sales of $9 million.
Chassis product net sales were $169 million in 2010, a $16 million increase compared to 2009. The increase in sales was driven by improved market conditions and a new business win in premium chassis product, which began to ship in the fourth quarter of 2010. The increase in sales was further improved by favorable currency translation effects of $3 million in Canada.
Brake South America and Commercial Distribution South America products experienced an increase in net sales of over 25%. Net sales improved by $90 million in 2010 compared to 2009. The growth in net sales was attributable to improved market conditions, growth in the Brazilian distribution business along with the introduction of new products for motorcycle and heavy duty applications. The improvement in sales was also partially due to $35 million of favorable currency translation, primarily in Brazil.
The following information was filed by Affinia Group Intermediate Holdings Inc. (AFN) on Thursday, March 10, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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