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Few economists are painting a positive picture. In fact, the world's press dubbed the first day of this current working week 'manic Monday' in the wake of the collapse of a number of financial giants, sending shock-waves through the global economy. But how is the overhead lifting market shaping up?
Well, pretty good if you speak to certain people.
Here's a snapshot from both sides of the pond. Canada-based, O’Brien Installations Ltd., a licensed partner with Vetter Foerdertechnik GmbH, and one of North Americas leading jib crane manufacturers, comes off the back of its best year to date in jib crane sales (2007-2008) and, despite the economic outlook, looks forward to continued growth in the current fiscal year, in its own words.
"There is still strong demand for jib cranes, especially in the oil and gas industries," it clarifies.
O'Brien offers standard capacities ranging from 50lbs to 30 tons, available in free standing, column/wall-mounted, axial and articulating jib styles. It can manufacture jibs to suit any environment from outdoor applications to hazardous area requirements.
It is also looking to expand its dealer network. US firm Columbus McKinnon, meanwhile, is still outpacing the previous financial year. Timothy Tevens, president and CEO, says: "Despite a slowed economic environment in the US, sales in the first quarter outpaced the same period last year."
He adds: "A key element of our growth strategy has been to drive the top line with investments in new markets around the world. These efforts are paying off with strong product and brand expansion, which is driving double digit growth in international markets. The growth is primarily from emerging economies in Eastern Europe, Asia and Latin America, as well as in the established markets of Western Europe," he concludes. Across the pond in the UK, Street Crane is having similar success in the world's growing markets, despite being based within an economy tipped by some to spiral into recession.
According to an article posted by Street's PR firm, the National Statistical Office reported zero growth for the last quarter adding to dire warnings of recession from the Chambers of Commerce and CBI. Despite this, the industrial crane maker has recorded the highest ever order intake in its 60-year history. Could it be we have a two speed economy? Andrew Pimblett, Street Crane's managing director, certainly thinks so.
"Conservatively we are expecting our overall sales for 2008/9 to be at least 40% ahead of 2007/8 - and that too was a very good year. In the first five months of the financial year starting in April, we have seen like for like monthly order intake up to 100% higher than the previous year," he explains.
Within the UK, Street sees some long-term customers who are continuing to invest and grow. The steel maker Corus (now owned by the Indian conglomerate TATA) has placed substantial orders over the past 12 months as part of upgrading and expanding capacity. At the other extreme, it has received significant orders from four UK luxury boat builders, Princess Yachts, Fairline Boats, Sunseeker and Sealine. "The common factor is probably that our customers are doing well by serving a world market that is hungry for their products," says Pimblett.
"It is clear that we do have a two speed economy. Sectors such as banking, housing and retail are certainly suffering, but as a manufacturer we are far from unique in bucking the trend."
The company has just secured a £2.5million order for cranes at a new aluminium smelter at Emirates Aluminium. This is a new venture that will be the largest facility of its kind in the world. Other significant recent orders are in steel and power generation. Could the overhead lifting business escape the worldwide recession completely? What's the outlook at your company? Richard Howes, Editor
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Content is starting to come in for the preview to ProMat 2009, which takes place at McCormick Place South, Chicago, January 12-15. Naturally, OCH has secured exhibitor space (booth 252). The event is organized by the Material Handling Industry of America (MHIA).