Hangzhou GreatStar Expects Higher Export and Sales

Benefited by U.S. economic recovery and the smooth sales of new products with high gross margin, Hangzhou, China-based GreatStar Industrial expects to gain higher profit from the export to USA and the slight depreciation of Renminbi to U.S. dollar (currently, 80% of the total sales of the company were generated from the export to USA). In addition, the low prices of steel and aluminum both help elevate the gross margin of its products.

 

Hand tools of GreatStar are mainly for export and USA is the major market, so the performance of U.S. economy will influence the sales of the company. U.S. economy has started to demonstrate a robust recovery since 2014, with the dropping unemployment and the increasing customer confidence index. The continuous recovery of U.S. economy will facilitate the demand for products of the company.

 

In addition to reinforcing the service provided to its original customers like Lowes, Home Depot, and Walmart, GreatStar continues to expand its business to Africa and Southeast Asia (new customers like Walgreen, Fiskers, and Gerber have been also added to its customers list). GreatStar also invested more in the activities of R&D and has already released 430 new products during the 1st half of 2014. The sales of the noise-less wrench and multifunctional knife both reached RMB 50 million and the sales of adjustable pliers reached over RMB 12 million.

 

It is understood that GreatStar is the 5 largest hand tool manufacturer in the world (97% of its products are exported to Europe and USA and over 80% of its sales were from the export to USA). The exchange rate of Renminbi to U.S. dollar has been in a decline since last November. In 2013 the revenue of the company was RMB2.65 billion and the revenue in the first 3 quarters of 2014 reached RMB 2.17 billion, which is accordingly expected to create a certain level of revenue because of the depreciation of Renminbi.

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