Strategy

2001 Working Capital Survey – Chart 21

INDUSTRIAL EQUIPMENT
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


Back to “Forget the Float? — The 2001 Working Capital Survey”

INDUSTRIAL EQUIPMENT
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.
8 MAXIM INTEGRATED PRODUCTS INC $865 53% 5 62 565 59 658 4 729 23 664
210 ACTUANT CORP $672 20% 96 74 665 54 592 4 696 41 225
216 MANITOWOC CO INC $873 9% 433 12 114 34 299 7 485 63 76
300 MOLEX INC $2,217 18% 135 83 741 80 871 5 570 37 282
414 CTS CORP $867 12% 298 66 598 58 652 6 486 32 389
490 AMERICAN STANDARD COS INC $7,598 7% 609 46 418 50 527 10 292 30 432
495 JABIL CIRCUIT INC $3,558 4% 736 33 278 42 420 9 352 47 158
503 BELDEN INC $1,135 9% 441 63 567 54 593 5 594 45 181
530 COMMSCOPE INC $950 10% 385 72 644 66 748 13 237 15 901
540 EMERSON ELECTRIC CO $15,545 12% 281 87 771 64 737 5 662 28 511
571 STONERIDGE INC $667 8% 519 66 592 55 606 7 441 27 548
598 YORK INTER- NATIONAL CORP $3,897 4% 748 48 432 67 768 5 632 78 32
625 NACCO INDUSTRIES INC $2,871 5% 690 58 514 40 385 6 557 35 324
644 GERBER SCIENTIFIC INC $611 10% 408 87 770 68 775 4 716 30 435
676 JLG INDUSTRIES INC $1,056 8% 500 82 723 69 789 6 513 37 286
702 LINCOLN ELECTRIC HOLDINGS INC $1,059 10% 403 95 820 54 585 4 770 21 757
705 BENCHMARK ELECTR. INC $1,705 5% 683 70 626 60 678 6 549 58 95
708 TECUMSEH PRODUCTS CO $1,650 8% 493 87 772 55 614 5 577 26 584
716 W W GRAINGER INC $4,534 6% 627 77 693 41 409 4 739 21 756
723 METTLER TOLEDO INTER- NATIONAL INC $1,096 8% 509 89 789 70 806 5 685 26 573
728 HUBBELL INC $1,424 11% 315 110 884 53 580 4 819 18 832
732 VISHAY INTERTECH- NOLOGY INC $2,465 15% 189 134 941 66 749 3 881 20 778
748 AVX CORP $1,630 12% 283 118 903 47 486 3 821 15 910
765 THOMAS INDUSTRIES INC $1,008 14% 240 128 932 91 927 4 816 50 132
771 AMERICAN POWER CONVERSION CORP $1,484 9% 434 104 861 64 724 3 843 24 643
778 VALMONT INDUSTRIES INC $846 6% 646 86 761 63 719 5 569 27 551
781 SYMBOL TECH- NOLOGIES INC $1,449 8% 536 96 824 91 926 3 863 66 65
801 MILLIPORE CORP $954 10% 361 116 897 87 914 3 844 26 577
805 GENERAL CABLE CORP NEW $2,088 5% 682 87 766 63 715 5 661 40 245
808 COMFORT SYSTEMS USA INC $1,591 1% 878 64 583 87 909 54 57 28 513
813 CATERPILLAR INC $19,702 11% 345 121 910 126 985 5 587 55 106
816 SOLECTRON CORP $14,138 1% 920 62 554 48 494 6 539 50 135
843 AGILENT TECH- NOLOGIES INC $10,773 8% 539 109 881 67 772 3 872 24 649
846 PALL CORP $1,224 14% 223 147 956 101 951 2 926 21 744
848 COLUMBUS MCKINNON CORP $736 7% 589 106 871 73 834 4 707 30 434
852 NORDSON CORP $741 11% 322 133 940 91 928 3 918 25 613
874 GRAYBAR ELECTRIC CO INC $4,300 -2% 974 61 543 46 473 6 525 38 269
879 MILACRON INC $1,584 6% 664 106 872 50 528 3 860 32 391
883 WATSCO INC $1,307 3% 825 89 788 48 498 4 704 24 648
903 UCAR INTER- NATIONAL INC $776 7% 551 125 925 69 793 3 899 36 307
925 INTERGRAPH CORP $690 1% 923 97 827 104 958 18 170 21 750
926 SLI INC $913 1% 884 101 846 78 857 3 829 53 115
929 KENT ELECTR. CORP $994 1% 916 100 840 62 699 4 721 31 406
939 AVNET INC $9,172 -1% 964 93 810 60 676 5 650 33 370
941 AUDIOVOX CORP $1,702 -2% 975 90 797 71 812 9 358 19 806
945 ACT MANUFACT- URING INC $1,371 -3% 985 86 764 79 866 5 610 72 47
968 AGCO CORP DE $2,336 6% 657 157 968 111 969 4 799 37 285
971 TEREX CORP $2,069 2% 831 139 947 74 836 2 930 60 87
978 THOMAS & BETTS CORP $1,756 -3% 982 123 918 83 891 3 825 48 147
985 RECOTON CORP $710 -3% 986 149 960 97 945 3 902 35 321
996 DEERE & CO $12,982 8% 517 269 996 312 998 7 463 83 27
998 HARNISCH- FEGER INDUSTRIES INC $1,118 -10% 997 217 994 111 970 2 977 49 140
734 Industry Average $3,067 7%   98   73   6   37  

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