Kaydon (NYSE:KDN) primarily sells friction control bearings and filtration products, and is the leading manufacturer of wind turbine bearings. It competes against the big three U.S. machine tools & accessories companies, Timken Company (TKR), Stanley Works (SWK) , and Kennametal (KMT), as well as global leaders in the bearing market such as Swedish company AB SKF (HAN:SKFB), Japanese companies NSK LTD (TYO:6471), JTEKT Corporation, and Minebea (Miniature Ball Bearings), and German company Schaeffler Group. KDN's sales total is 18% as large as KMT's sales total.[1] At the lower end market, Kaydon also faces increasing competition from low-cost manufacturers from China.
To make up for lagging behind TKR, SWK, and KMT, Kaydon has invested in a booming niche market -- wind energy. Installed wind energy turbines in the United States grew 45% in 2007[2] KDN has established itself as the market leader in wind turbine bearings and runs a facility in Germany -- the world's largest wind energy market. By investing in wind energy, KDN hopes to reduce its dependence on the struggling automotive industry (19% of sales). This strategy gave KDN higher 2007 revenue growth than SWK, TKR, and KMT.[3]
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Competition | Kaydon (KDN)[10] | Timken Company (TKR)[11] | Thermadyne Holding (THMD)[12] | CompX International (CIX)[13] | Hardinge (HDNG)[14] | RBC Bearings (ROLL)[15] | NN (NNBR) [16] | Kennametal (KMT)[17] | Stanley Works (SWK)[18]
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Market Cap $Mil | 1,690.00 | 3,520.00 | 228.32 | 80.17 | 161.20 | 818.90 | 206.27 | 2,830.00 | 3,800.00
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Revenue $Mil | 451.38 | 5,236.02 | 493.98 | 177.68 | 356.32 | 306.06 | 421.29 | 2,385.49 | 4,483.80
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Gross Profit $Mil | 184.30 | 1,053.83 | 154.35 | 45.23 | 107.41 | 100.11 | 84.27 | 841.56 | 1,692.20
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Net Profit Margin % | 17.22% | 4.19% | 2.14% | 5.05% | 4.19% | 9.30% | -0.28% | 7.50% | 7.51%
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Operating Margin % | 24.65% | 6.22% | 8.97% | 8.75% | 6.42% | 16.96% | 2.65% | 11.29% | 10.06%
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