MAAX Posts Higher Earnings, Buys Aker PlasticsQuebec's MAAX Inc. reports a 35.9 percent increase in net income for the second quarter of fiscal year 2002, which ended Aug. 31. Its margin rose from 5.5 percent in 2001's second quarter to 6.7 percent, in part from a strong housing industry and a turnaround in the spa segment. Consolidated sales grew 11.5 percent. The first half of the fiscal year saw an income increase of 40.1 percent from last year and a 15.9 percent increase in sales.
The company also has signed an agreement in principle to acquire all the outstanding shares of Aker Plastics Inc., said to be the third largest U.S. manufacturer of fiberglass bathroom equipment with annual sales of around $75 million. Aker operates two plants in Plymouth, Ind., and one in Martinsburg, W.Va. Closing was scheduled for Oct. 25.