Minneapolis, Minnesota — Graco, a polyurethane spray machinery equipment manufacturer, reported an 11% rise in net sales in 2017 to $1.5bn.
Operating earnings were $360m in 2017, compared with $114 m in 2016.
Sales in the firm’s industrial segment, which houses spray foam machinery, at $ 692 m were 10% up on the $ 150 m recorded by the segment in 2016. Operating earnings in the segment at $238m m were up around 15% on the divisions’ $207 m sales in 2016.
The firm said that its industrial segment had benefited from higher sales volumes which helped to drive a 1% increase operating margin, compared with the earlier year
‘Our investment ins in product development, new market and geographic expansion are producing nice returns,’ said Patrick McHale, CEO.