Renold sees sales decline abating

14th Aug 2009 07:06

Industrial chain maker Renold said the sharp declines in sales it has seen recently appear to have stabilised and that customers destocking may be abating.The firm, which reported a 25% slump in first quarter sales, said it saw no indication of customers restocking in the short-term. Renold, whose chains are used to operate forklift trucks, rollercoasters and other machinery, said actions taken to resize the business to match new demand levels had mitigated the impact of reduced sales.Trading has remained in line with expectations, the company said.