2008 Annual Report - Hubbell Wiring Device-Kellems

More documents

Recommendations

Info

AS A RESULT OFHUNDREDS OF KAIZENSINVOLVING THOUSANDS OFHUBBELL EMPLOYEES,MANUFACTURINGFACILITIES – SUCH AS THISHUBBELL POWER SYSTEMSPLANT IN AIKEN, SOUTHCAROLINA – HAVE ACHIEVEDEVER-GREATER LEVELS OFPRODUCTIVITY.8
DRIVINGPERFORMANCETHROUGHPRODUCTIVITYOver the past twoyears, Hubbell hasincreased its operatingmargin in excess of300 basis points, withproductivity initiativesdriving much of theimprovement. Lookingahead, ampleopportunities forcontinued progress remain, andthe Company is actively pursuingprograms to lock-in long-term gainsthrough continued cost reduction,right-sizing and outsourcing.Hubbell’s productivity improvements springfrom its well-developed lean methodology. Leanbusiness processes add value and eliminate waste. Formore than seven years, Hubbell has invested to makelean a way of life, from the shop floor to the supplychain to the office environment. In that time,Hubbell employees have participated in hundreds ofkaizens, which are designed to bring about rapidchange in a single activity. Going into 2009, thereare approximately 20 internally-certified employeesleading new lean initiatives and the Company isrolling out a best practices database. The result is amore competitive cost structure.Hubbell has also improved its cost structure bycontinuing to selectively move production capacityto low-cost countries. For example, HubbellLighting closed two manufacturing facilities andconsolidated them in Mexico, while Wiringproducts is expanding its manufacturing capacity inthe People’s Republic of China.Hubbell has realized additional savings byestablishing a shared services organization toleverage its scale and coordinate spending acrossbusinesses. Examples of shared services aretransportation and cross-platform sourcing offrequently purchased materials such as steel,copper and aluminum. The efficiencies comingfrom shared services and better supply chainmanagement resulted in a reduction intransportation and logistics costs as a percentageof net sales in 2008 – despite higher fuel costs formost of the year.The Company has also developed consistentstandards for measuring the reliability andpredictability of its supply chain. Based on leanprinciples, by improving supply chain reliabilityHubbell was able to deliver better value, eliminatewaste, become more efficient and require fewerassets to meet customer expectations. Thus, inmany plants Hubbell was able to lower inventorylevels even while capturing a year-over-yearimprovement in availability of stock forcustomers.9
Page 1 and 2: P O S I T I O N E D F O R T O D A Y
Page 3 and 4: 2008 SALESby Segmentby GeographyPow
Page 5 and 6: The success of “today” position
Page 7 and 8: POSITIONED FOR TODAYby consistently
Page 9: POWER SEGMENTBrand recognition and
Page 13 and 14: KURT VERSEN INC,ACQUIRED IN JANUARY
Page 15 and 16: 13THE LIGHTING SOLUTIONSLAB AT HUBB
Page 17 and 18: THE FUTURE ISELECTRIC WITHOPPORTUNI
Page 19: OFFSHORE OIL RIGS AREJUST ONE OF MA
Page 23 and 24: HUBBELL INCORPORATEDANNUAL REPORT O
Page 25 and 26: The Company’s annual report on Fo
Page 27 and 28: Commercial/Institutional and Indust
Page 29 and 30: Haefely Test, AG based in Switzerla
Page 31 and 32: A global recession and continued wo
Page 33 and 34: Item 2. PropertiesHubbell’s manuf
Page 35 and 36: Name. Age(1) Present Position Busin
Page 37 and 38: Purchases of Equity SecuritiesIn Fe
Page 39 and 40: Item 6.Selected Financial DataThe f
Page 41 and 42: • Revenue GrowthOrganic Growth. I
Page 43 and 44: the 2007 rate related to the closin
Page 45 and 46: one in 2007 as well as a higher amo
Page 47 and 48: management, production planning and
Page 49 and 50: Although these facilities are not t
Page 51 and 52: offer retiree medical benefits to a
Page 53 and 54: overhead, maintenance and training
Page 55 and 56: • Changes in strategy, economic c
Page 57 and 58: Item 8.Financial Statements and Sup
Page 59 and 60: REPORT OF INDEPENDENT REGISTERED PU
Page 61 and 62:
HUBBELL INCORPORATED AND SUBSIDIARI
Page 63 and 64:
Page 65 and 66:
Foreign Currency TranslationThe ass
Page 67 and 68:
measurement attribute for the finan
Page 69 and 70:
Page 71 and 72:
Page 73 and 74:
Page 75 and 76:
Page 77 and 78:
Page 79 and 80:
Page 81 and 82:
Note 12 — DebtHUBBELL INCORPORATE
Page 83 and 84:
Page 85 and 86:
Page 87 and 88:
Note 17 — Capital StockHUBBELL IN
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
computation of earnings per dilutiv
Page 95 and 96:
Industry Segment DataHUBBELL INCORP
Page 97 and 98:
Page 99 and 100:
Item 11.Item 12.Executive Compensat
Page 101 and 102:
NumberDescription10h† Hubbell Inc
Page 103 and 104:
NumberDescription31.1* Certificatio
Page 105 and 106:
Schedule IIHUBBELL INCORPORATED AND
Page 107 and 108:
Exhibit 31.1I, Timothy H. Powers, c
Page 109 and 110:
Exhibit 32.1CERTIFICATION PURSUANT
Page 111 and 112:
BOARD OF DIRECTORSE. RICHARD BROOKS
Page 113 and 114:
CORPORATEOFFICERSTIMOTHY H. POWERSC
show all

2008 Annual Report - Hubbell Wiring Device-Kellems

Create successful ePaper yourself

Delete template?

Save as template?