E-Z-GO 2010 Annual Report Download - page 9

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7
“I buy tools for 200-500 electricians depending on how busy we are,
and quite simply, if I don’t send out Greenlee tools, they send them back.”
Andrew Mattson
Tool Coordinator/Purchasing Agent, Collins Electrical Construction Company, United States
“What I really like about the Eclipse 322 is the concept of no hydraulics. For the past 40
years, mowers on golf courses have used big diesel engines and complicated hydraulic
systems and if a leak occurred it could do immense damage to the affected area.”
Alan Smith, Course Manager, Clacton-on-Sea Golf Club, United Kingdom
Industrial Performance HighlightsIndustrial 2010 Revenues By Region
39% Europe
34% United States
11% Asia Pacifi c
9% Latin America & Mexico
6% Canada
1% Middle East/Africa
For the Industrial segment, 2010 can be characterized as
a year of volume recovery and profi tability gain. Operational
improvements put into place in 2009 began proving their
value in 2010; revenues increased 21 percent over last
year and profi t margin rose from 1.3 percent in 2009 to
6.4 percent in 2010.
Across all of our industrial product lines, we saw heightened
growth activity that produced positive results.
Revenue growth in the segment was principally driven by
Kautex. With the return of the global automotive market, Kautex
saw a $353 million increase in revenues over last year. This,
combined with production effi ciency at Kautex, contributed
heavily to the profi t margin increase for the segment.
Staying close to the customer, Greenlee recognized the need
to help wire and cable installers work more effortlessly—and
still maintain the highest degree of accuracy, repeatability,
and stability. This produced a series of new “smart technology”
lithium-ion battery tool introductions at both Greenlee and its
German operating division, Klauke. These innovations, combined
with activities to expand and strengthen distribution channels,
led to increased sales in both North America and Europe.
At E-Z-GO, 2010 was a year in which new products were
introduced across all product families. For the golf industry,
E-Z-GO announced two TXT golf cars: one featuring a
48-volt electric drivetrain and the other a best-in-class
gas-powered engine. For the consumer, the company
introduced the 2Five street-legal, low-speed vehicle for the
residential market and—new to its product offering through
acquisition—added a rugged vehicle line-up for the hunting
and outdoor recreation market. Also in 2010, E-Z-GO began
investing in new models and line extensions for its Cushman
brand, including a 4x4 diesel utility vehicle for industrial and
commercial applications.
For Jacobsen, 2010 was a year of debuts. The company began
full-scale production and sale of its battery, gas and diesel
hybrid versions of the Eclipse 322, featuring no hydraulics
and signifi cantly less energy consumption; brought to market
a new line of light fairway mowers and new traditional riding
greens mowers; and launched an online store for purchasing
parts. It was also a year in which Jacobsen increased its
sales force throughout the world.
In total, continued operational effi ciency, product development
and heightened marketing and sales efforts combined to
produce a strong year for the segment. This same focus
will drive execution in 2011.
Industrial
(In millions) 2010 2009 2008
Segment Revenues $2,524 $2,078 $2,918
Segment Profi t 162 27 67