Wolverine Tube Inc. (NYSE:WLV)
Industry: Basic Materials
Wolverine Tube, Inc. (Wolverine) manufactures and distributes copper and copper alloy tubular products, fabricated and metal joining products, as well as rod and bar products. The Company focuses on developing and manufacturing tubular products with heat transfer capabilities used in engineered applications. The Company's major customers' headquarters are primarily in North America and include commercial and residential air conditioning and refrigeration equipment manufacturers, appliance manufacturers, industrial equipment manufacturers, utilities and other power generating companies, refining and chemical processing companies, and plumbing wholesalers. Wolverine classifies products as commercial products, wholesale products, and rod, bar and other products. Commercial Products Commercial products consist of several types of technically enhanced tube and fabricated products made to customer specifications, as well as metal joining products. Generally, Wolverine's technical tube and fabricated products are custom designed, are manufactured for specific customer applications, and are sold directly to original equipment manufacturers (OEMs). Commercial products include industrial tube, technical tube, copper alloy tube, fabricated products and metal joining products. The Company's small (as small as .01 inches) and medium diameter copper tube used primarily by residential and light commercial air conditioning, appliance, refrigeration equipment, and plumbing fittings and fixture manufacturers is known as industrial tube. Industrial tube is made to customer specifications for equipment manufacturing. The Company's industrial tube products include continuous coils up to 2,000 pounds (to permit economical use by the customers), smooth straight tube, welded enhanced tube with internal surface ridges to increase heat transfer in air conditioning coils, and very small diameter capillary tube. During the year ended December 31, 2005, Wolverine imported for resale both internally enhanced and smooth industrial tube, manufactured by a Chinese tube producer. The company also develops integral finned tube, in which the fins are formed directly from the wall of the tube. The Company's copper alloy tube products include smooth and surface enhanced tube produced from a variety of alloys. Also included in the alloy tube category are surface enhanced titanium, brass and steel tube the Company produces from smooth tube supplied by outside sources. Fabricated products encompass a variety of copper, copper alloy, steel, titanium and aluminum tube products and sub-assemblies for a number of different applications. Specialty fabricated parts, complex brazed assemblies and components (such as return bends and manifolds) are produced for a range of applications. Capabilities include cutting, bending/swaging, end spinning, hole piercing/drilling, specialized coiling and brazing. Metal joining products include brazing alloys, fluxes and lead-free solder used in the air conditioning, plumbing, electronic, electrical component, jewelry, catalyst, lighting, shipbuilding, aerospace, general industrial and other metal-joining industries. There are over 2,000 product variations in this category. Commercial product sales accounted for 71%, of its net sales in 2005. Wholesale Products Wholesale products consist of plumbing and refrigeration service tube produced in standard sizes and lengths primarily for plumbing, air conditioning and refrigeration service applications. Wolverine's plumbing tube and refrigeration service tube are sold primarily through wholesalers and master distributors. Wholesale product sales accounted for 22% of its net sales in 2005. Rod, Bar and Other Products Rod, bar and other products consist of a range of copper and copper alloy solid products, including round, rectangular, hexagonal and specialized shapes. Brass rod and bar are used by industrial equipment and machinery manufacturers for valves, fittings and plumbing goods. Copper bars are used in electrical distribution systems and switchgear. Copp
As Of: 10/07 00:00 ET
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