CompX National

About CompX National

CompX International strives to ensure a smooth, theft-free, and painless workday. Through its three operating divisions—security products, furniture components, and marine components—the company manufactures ball bearing slides, cabinet locks, and ergonomic computer support systems. While its primary customers are office furniture makers, CompX's components are utilized in recreational vehicles, ignition systems, vending equipment, mailboxes, appliances, and computer equipment. CompX International believes it is a North American market leader in the manufacture and sale of cabinet locks and other locking mechanisms. The company is majority-owned by NL Industries. Operations CompX International is a diversified manufacturer of engineered, quality components operating through three business segments: CompX Security Products, CompX Furniture Components, and CompX Marine. The Security Products division operates two manufacturing facilities, sharing one with Marine Components. CompX International produces disc tumbler locks for moderate security, KeSet brand pin tumbler locks for higher security, and eLock electronic locks for high-security drug storage. eLock offers data capabilities that track entries and exits. The Furniture Components segment creates slides for use with ATMs, refrigerators, and imaging equipment. Geographic Reach The company has manufacturing operations in the US, Canada, and Taiwan. Sales and Marketing A majority of CompX International's component sales are direct to large OEM customers, supported by factory-based sales and marketing professionals, engineers working in concert with field salespeople, and independent manufacturers' representatives. Financial Analysis An improving economy has led to an improved bottom line for CompX International. The 3% increase in net sales in 2011 was primarily due to improved sales in the Security Products segment, with significant increases to customers in the leisure transportation industry, as well as improved customer order rates and new specific customer projects. Furniture Components' net sales were boosted by $1.9 million in sales from the 2011 acquisition of an ergonomics component products business. This sales increase was fully offset by a decrease in sales of other ergonomics component products due to reduced government spending impacting customer projects. The 151% spike in CompX International's net income resulted from higher revenues outpacing operating costs and expenses, which remained flat in 2011. Ownership NL Industries owns 87% of CompX International. Royce & Associates, LLC owns 13% of the company.