GELSENKIRCHEN, Germany (Aug. 12, 2009)—Polyurethane hose maker Masterflex A.G. suffered a 21.8-percent decline in sales in its second quarter from a year earlier, but stabilized compared to the first quarter.
The firm said it had positive developments in supplying sub=industries such as aviation and food, as well as its medical hose applications. Earnings slid 58.3 percent from the second quarter of 2008, to a positive development in supply to sub-industries such as the aviation and food industry, as well as medical hose applications developing "promisingly." Earnings in hoses declined by 58.4 percent to $25.8 million.
Despite the tough market conditions, Masterflex said it is continuing to expand its core hose business. In April 2009 the company opened a new sales office in Sweden, which has led to "interesting further contacts and initial transactions,” the company said.