Strategy

2001 Working Capital Survey – Chart 20

INDUSTRIAL DIVERSIFIED
CFO StaffJuly 1, 2001

Behind the Rankings

The management of working capital combines two measures, weighted equally:
1. Days of Working Capital (DWC) = (Receivables + Inventory ­ Payables) ÷ (Sales ÷ 365 Days). If payables exceed the sum of receivables and inventory, DWC is negative.
2. Cash Conversion Efficiency (CCE) = Cash Flow from Operations ÷ Sales.

The overall ranking: (Highest Overall CCE ­ Company CCE) ÷ (Highest Overall CCE ­ Lowest Overall CCE) + (Lowest Overall DWC ­ Company DWC) ÷ (Lowest Overall DWC ­ Highest Overall DWC). Days of Sales Outstanding (DSO), Inventory Turns, and Days of Payables Outstanding (DPO) are not part of the overall ranking criteria. Industry averages consider all companies in an industry, not just the top five.

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Sources: REL Consultancy Group, Piranha Web


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INDUSTRIAL DIVERSIFIED
Over- all Rank Company Name Prior Year Sales Cash Conver. Effic. Days Working Capital Days Sales Outst. Inven. Turns Days Payable Outst.
CCE Rk. DWC Rk. DSO Rk. Ts. Rk. DPO Rk.
247 INGERSOLL RAND CO $7,667 11% 335 31 265 57 623 6 489 67 55
260 DOVER CORP $4,446 21% 85 91 798 59 657 5 678 19 808
288 GRAPHIC PACKAGING INTNL. $831 19% 112 88 778 42 417 5 595 27 552
343 PPG INDUS. INC $8,629 11% 326 52 472 68 777 5 634 61 82
350 FMC CORP $3,926 10% 409 44 395 62 704 7 482 59 92
374 TYCO INTNL LTD BERMUDA $28,932 15% 195 80 717 71 811 5 641 39 261
385 PAXAR CORP $645 11% 339 58 520 63 713 5 674 54 109
473 HARSCO CORP $2,003 12% 292 75 675 70 797 8 403 31 415
480 DANAHER CORP $3,778 13% 266 80 720 63 718 6 562 23 677
481 IDEX CORP $704 14% 220 88 786 53 577 4 785 23 669
483 BARNES GROUP INC $740 10% 417 62 564 51 549 6 508 28 500
504 BRIGGS & STRATTON CORP $1,591 8% 537 54 491 39 369 8 401 26 586
528 AEP INDUS. INC $701 6% 633 50 449 56 616 7 449 47 159
565 CRANE CO $1,491 13% 274 92 808 52 559 4 767 21 734
596 COOPER INDUS. INC $4,460 10% 368 84 746 67 762 4 695 38 272
599 ILLINOIS TOOL WORKS INC $9,984 11% 341 88 787 63 716 5 572 18 844
614 TENNECO AUTO. INC $3,549 5% 689 56 506 52 568 6 526 41 221
618 TIMKEN CO $2,643 9% 436 81 722 49 509 4 694 33 380
638 PITT DES MOINES INC $629 3% 816 46 417 62 706 16 189 36 309
660 HONEYWELL INTNL INC $25,023 9% 458 83 742 63 712 5 603 33 378
677 SPS TECH- NOLOGIES INC $873 10% 400 91 802 55 605 4 711 29 461
679 COOPER CAMERON CORP $1,387 8% 523 80 716 70 796 3 911 90 21
751 GRIFFON CORP $1,118 2% 849 59 530 45 458 8 404 22 705
752 NATIONAL SERVICE INDUS. INC $2,566 5% 700 76 685 59 668 6 519 19 798
761 SPX CORP $2,679 6% 656 82 736 77 850 6 551 39 255
764 PARKER HANNIFIN CORP $5,355 9% 460 100 841 56 615 4 744 25 597
768 ALPINE GROUP INC $1,370 8% 506 96 825 61 683 5 591 38 265
803 WOLVERINE TUBE INC $700 5% 720 82 732 47 485 6 561 23 675
815 STANLEY WORKS $2,749 6% 625 94 816 71 813 5 671 28 501
831 KENNAMETAL INC $1,854 10% 382 119 905 54 588 3 906 22 707
850 UNOVA INC $1,838 3% 821 82 730 113 975 5 655 89 22
869 STANDEX INTER- NATIONAL CORP $637 6% 644 105 866 58 644 4 807 21 733
871 METALS USA INC $2,022 2% 870 80 712 32 277 4 804 28 497
884 BLOUNT INTNL. INC $828 6% 673 106 869 67 767 5 691 19 823
908 U S INDUS. INC NEW $3,088 3% 777 103 852 68 776 4 752 27 539
933 FLOWSERVE CORP $1,538 5% 717 125 924 89 922 4 803 31 423
949 ALBANY INTNL. CORP $853 13% 246 185 987 102 953 2 958 18 848
960 SGL CARBON AG $982 8% 518 163 975 79 869 2 941 25 610
976 PARK OHIO HOLDINGS CORP $717 -1% 954 129 937 64 732 3 870 36 296
997 SPECIAL METALS CORP $602 7% 565 281 997 110 968 2 973 46 174
657 Industry Average $3,653 9%   91   63   5   35  

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