IPL grows business by 17 per cent in Q3
Saint-Damien, Que.-based injection molder and extrusion manufacturer IPL Inc., reported a sales growth of 17.6 per ...
Saint-Damien, Que.-based injection molder and extrusion manufacturer IPL Inc., reported a sales growth of 17.6 per cent for its third quarter 2006 financial year.
The growth was achieved despite a Cdn. $2.8 million loss from exchange rate fluctuations, the company said.
IPL’s third quarter 2006 sales totaled $66.8 million, compared with $56.8 million for the same period the previous year.
The company’s improved sales come at the end of a transitional period that has seen several management shake-ups over the past few months.
In May, the company announced the departure of Frederic Cote, the firm’s vice-president of finance and administration, and chief financial officer. At the time, Serge Bragdon, president and CEO of IPL, said that changes in upper management were a part of the company’s efforts to streamline operations.
“We’re working on a cultural change; we’re working to make the organization more lean,” Bragdon told Canadian Plastics in May.
And last month, the company announced several senior management appointments, including Eric Doyon as vice president, finance and chief financial officer; Denis Pageau as vice president, research and development; and Pierre Fradette as vice president, human resources and communications.
“We are pleased with our third quarter results and the direction in which we are moving,” Bradgon said. “Our focus continues to be on increasing the proportion of higher-margin products in the sales mix, as well as improving productivity and reducing costs. We are confident that we can maintain the momentum that is building and gradually improve on our operational and financial results over the coming quarters.”
Headquartered in Saint-Damien, Que., IPL employs more than 1,000 people in its four plants in Quebec and New Brunswick.