Sumitomo (SHI) Demag reports record annual sales

Injection molding machine manufacturer Sumitomo (SHI) Demag Plastics Machinery GmbH reported record sales of $256.8 million for 2016, compared to about $253.5 million in 2015. The Schwaig, Germany, company attributed the results to a wider sales base from new subsidiaries in Europe, strong sales in the packaging segment for its El-Exis machines and demand for its all-electric IntElect machines in industrial and medical markets. The company, which has a U.S. subsidiary, Sumitomo (SHI) Demag, in Strongsville, Ohio, predicts a 15 percent sales increase in 2017.