SEMA Show Preview: Hercules earmarks $10 million for flagship brand
"Over the next three years, we have already allocated over $10 million in private brand molds to build Hercules private brands," Mike Distel, president of Hercules Tire & Rubber Co. division Hercules Tire U.S.A., told Hercules customers at the company's dealer meeting in Las Vegas, Nev., earlier today, Oct. 30.
Hercules will spend $4 million in 2007 to buy tire molds, said Hercules CEO Larry Seawell.
Hercules also disclosed its 2006 sales figures during the meeting. For its 2006 fiscal year (ending this week), the company achieved $435 million in sales.
"For 2007, we're projecting around $475 million, and if the wind blows the right way, we could kiss half a billion dollars," said Distel.
In September 2006, Hercules' Private Brand Division alone achieved $13.4 million in sales, an all-time record for the company.