Industrial manufacturing group ITW generated almost $2 billion (£1.3 billion) in sales from its catering equipment activities last year, figures published today reveal.
Food equipment sales reached $498m (£316m) in the fourth quarter of 2012, bringing the company’s turnover from catering equipment to $1.94 billion (£1.23 billion) for the last 12 months.
Although the scale of its turnover reinforces ITW’s status as one of the catering equipment market’s powerhouses, total sales slipped 2% versus the previous year, although they were up 0.6% on an organic basis.
Operating income for foodservice products rose almost 7% to $324m (£205m) for the year, while its operating margin rose 1.4% to 16.7%.
Foodservice equipment is one of seven divisions that comprise the ITW Group and represents 11% of its total sales.
The unit is made up of more than a dozen brands, the most well-known of which in the UK include Bonnet, Foster and Hobart.
Issuing its 2012 full-year results and 2013 guidance, ITW told investors it was aiming for total revenue growth of 3% to 5% over the next 12 months, and 1% to 3% on an organic basis.