SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): November 6, 2014
TWIN DISC, INCORPORATED
(exact name of registrant as specified in its charter)
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WISCONSIN
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001-7635
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39-0667110
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(State or other jurisdiction
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(Commission
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(IRS Employer
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of incorporation)
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File Number)
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Identification No.)
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1328 Racine Street Racine, Wisconsin 53403
(Address of principal executive offices)
Registrant's telephone number, including area code: (262)638-4000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 7.01
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Regulation FD Disclosure
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The executive officers of Twin Disc intend to present materials at meetings with investors and analysts and at investor conferences on or after November 6, 2014. A copy of the presentation materials to be used at those meetings and from time to time thereafter is filed as Exhibit 99.1 hereto. The presentation materials will also be posted on the Company’s website, www.twindisc.com The Company does not intend to file any update of these presentation materials. The fact that these presentation materials are being furnished should not be deemed an admission as to the materiality of any information contained in the materials.
The information included in the presentation includes financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s management uses these non-GAAP measures in its analysis of the Company’s performance. The Company believes that the presentation of certain non-GAAP measures provides useful supplemental information that is essential to a proper understanding of the operating results of the Company’s core businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
The information in this Form 8-K being furnished under Item 7.01 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. The presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Company’s expectations and involve risks and uncertainties that could cause the Company’s actual results to differ materially from those set forth in the statements. These risks are discussed in the Company’s filings with the Securities and Exchange Commission, including an extensive discussion of these risks in the Company’s Annual Report on Form 10-K for the year ended June 30, 2014.
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Item 9.01
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Financial Statements and Exhibits
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(c)
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Exhibits
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EXHIBIT NUMBER
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DESCRIPTION
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99.1
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Presentation Materials – 1st Quarter Fiscal 2015
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SIGNATURE
Pursuant to the requirements of section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Date: November 6, 2014
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Twin Disc, Inc.
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/s/JEFFREY S. KNUTSON
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Jeffrey S. Knutson
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General Counsel & Secretary
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Twin Disc, Incorporated
November 6, 2014
Twin Disc, Incorporated
Safe Harbor Statement
This presentation contains statements that are forward-looking
within the meaning of Section 21E of the Securities Exchange Act
of 1934, as amended. These statements are based on
management’s current expectations that are based on
assumptions that are subject to risks and uncertainties. Actual
results may vary because of variations between these
assumptions and actual performance. Investors are referred to
Twin Disc’s fiscal year 2014 Annual Report and Form 10-K,
“Management’s Discussion and Analysis of Financial Condition
and Results of Operations - Forward-Looking Information,” which
outlines certain risks regarding the Company’s forward-looking
statements. Copies of the Company’s SEC filings may be
obtained from the SEC, and are available on Twin Disc’s web site
(www.twindisc.com), or by request from the Investor Relations
department at the Company.
within the meaning of Section 21E of the Securities Exchange Act
of 1934, as amended. These statements are based on
management’s current expectations that are based on
assumptions that are subject to risks and uncertainties. Actual
results may vary because of variations between these
assumptions and actual performance. Investors are referred to
Twin Disc’s fiscal year 2014 Annual Report and Form 10-K,
“Management’s Discussion and Analysis of Financial Condition
and Results of Operations - Forward-Looking Information,” which
outlines certain risks regarding the Company’s forward-looking
statements. Copies of the Company’s SEC filings may be
obtained from the SEC, and are available on Twin Disc’s web site
(www.twindisc.com), or by request from the Investor Relations
department at the Company.
2
November 6, 2014
Twin Disc, Incorporated
• Founded in 1918
• Headquartered in Racine, WI
• ≈ 970 employees
• TTM Revenues of $262M
FY14 Revenues of $264M
FY13 Revenues of $285M
FY12 Revenues of $356M
FY14 Revenues of $264M
FY13 Revenues of $285M
FY12 Revenues of $356M
• We are a global company
– Well-known customers
around the world
around the world
– Mfg Operations in the U.S.,
Belgium, Italy, India,
Switzerland and Japan (JV)
Belgium, Italy, India,
Switzerland and Japan (JV)
– World-wide distributor
network
network
– Global: 55% of fiscal 2014
sales to international
markets (Asia Pacific = 29%)
sales to international
markets (Asia Pacific = 29%)
2
1
1
#
Manufacturing location (# of facilities in each location)
Company owned distribution/service location
Purchasing/sourcing offices
Twin Disc At A Glance
3
1
November 6, 2014
Twin Disc, Incorporated
FY 2014 - Highlights
• Sales down 7% from FY ‘13
– Asian operations continued at record
levels, driven by strong demand in the
Chinese O&G and Asian commercial
marine markets
levels, driven by strong demand in the
Chinese O&G and Asian commercial
marine markets
– Marine transmissions down 6% from
record 2013 levels
record 2013 levels
– N. American oil & pas activity picked up in
2nd half of fiscal year
2nd half of fiscal year
• $3.6 million profit, or $0.32 per diluted
share, down $0.02 compared to FY ‘13
share, down $0.02 compared to FY ‘13
– Q1 of FY ‘14 included a $1.1 million, or
$0.10 per diluted share, restructuring
charge at the Company’s Belgian
operation
$0.10 per diluted share, restructuring
charge at the Company’s Belgian
operation
– Gross margin increased 120 basis points
to 29.3% driven by a more profitable
product mix and lower warranty expense
to 29.3% driven by a more profitable
product mix and lower warranty expense
$ millions
+15%
-20%
* 2011 and 2012 fiscal year figures have been revised. See Footnote A in the
Company’s Form 10K for the period ending June 30, 2013.
Company’s Form 10K for the period ending June 30, 2013.
4
November 6, 2014
-7%
Sales
Net Earnings*
$310
$356
$285
$264
$18.0
$26.7
$3.8
$3.6
Twin Disc, Incorporated
1st Quarter Highlights
• Sales down 2% from Q1 of FY ‘14
– Biggest decline in Asia, partially offset by
North America
North America
– Transmission sales up 12%, driven by
improved North American pressure-pumping
shipments
improved North American pressure-pumping
shipments
– Marine sales down 12%, driven by lower
shipments to commercial marine
transmission customers, primarily in Asia
shipments to commercial marine
transmission customers, primarily in Asia
• $4.0 million profit, or $0.36 per diluted
share, up from $0.11 in Q1 FY ‘14
share, up from $0.11 in Q1 FY ‘14
– Q1 of FY ‘14 included a $1.1 million, or
$0.10 per diluted share, restructuring charge
at Company’s Belgian operation
$0.10 per diluted share, restructuring charge
at Company’s Belgian operation
– Gross margin increased 340 basis points to
34.5% driven by a more profitable product
mix, improved absorption and lower pension
expense
34.5% driven by a more profitable product
mix, improved absorption and lower pension
expense
5
November 6, 2014
Sales
-15%
-3%
$81
$69
$66
$64
-2%
$ millions
Net Earnings*
$9.6
$1.3
$1.3
$4.0
Twin Disc, Incorporated
Marine & Propulsion
Systems
Systems
• Commercial Marine:
– Achieved record sales in fiscal 2013, driven by strong
demand in Asia and the US Gulf Coast
demand in Asia and the US Gulf Coast
– Fiscal 2014 moderated somewhat, continuing into Q1
– European market remains uncertain, likely 2-3 years
to recover
to recover
– Long term growth in Asia, Latin and North America
expected to continue
expected to continue
• Patrol Boat:
– Experienced recent growth as demand for coastal
security applications has increased globally
security applications has increased globally
– Expect long term growth to continue
• Pleasure Craft:
– Market remains at historic lows, some market share
gains recently
gains recently
– EJS™ introduced and Cat® Three60 available
– Likely 5+ years before market recovers to pre-
recession levels
recession levels
– Continue to emphasize technological differentiation
November 6, 2014
Sales Mix %: Q1 FY15 FY14 FY12
Twin Disc, Incorporated
Land-Based Products
Transmission Systems
Transmission Systems
• Pressure Pumping:
– Achieved record units sales in fiscal ‘12
– Asian market, driven by China, has partially offset
North American softening through fiscal ‘14
North American softening through fiscal ‘14
– Order activity started to build in second half of
fiscal 2014 in the North American market
fiscal 2014 in the North American market
– Started to ship units to Latin America in fiscal 2014
– Global markets continue to represent opportunity
for above average growth in the long run
for above average growth in the long run
• Airport Rescue and Fire Fighting (ARFF) &
Military:
Military:
– Markets to remain stable with potential for modest
growth
growth
– Continue to develop next generation transmission
system for ARFF
system for ARFF
November 6, 2014
Sales Mix %: Q1 FY15 FY14 FY12
Twin Disc, Incorporated
November 6, 2014
Land-Based Products
Pressure Pumping
Pressure Pumping
U.S. dry natural gas production by source,1990-2040
(trillion cubic feet)
(trillion cubic feet)
Source: EIA, Annual Energy
Outlook 2013 (Early
Release Overview).
Outlook 2013 (Early
Release Overview).
8
U.S. domestic crude oil production by source, 1990-2040
(million barrels per day)
(million barrels per day)
Source: EIA, Annual Energy
Outlook 2013 (Early
Release Overview).
Outlook 2013 (Early
Release Overview).
Twin Disc, Incorporated
Land-Based Products
Industrial Products
Industrial Products
• North America Energy Related:
– Demand will grow as North American oil & gas
market strengthens
market strengthens
• Irrigation & Pumping Applications:
– PTO and industrial gearbox lines drove growth
– Solid reputation for quality, global service and new
product development will continue to produce growth
opportunities in the future
product development will continue to produce growth
opportunities in the future
• International Markets:
– Opened a new facility in India, south of Chennai,
expect to expand our penetration in the region in the
coming years
expect to expand our penetration in the region in the
coming years
– European markets remain sluggish
– Vigorous demand in Asia, Australia, Africa and
Middle East support optimism for the near term and
beyond
Middle East support optimism for the near term and
beyond
November 6, 2014
Sales Mix %: Q1 FY15 FY14 FY12
Twin Disc, Incorporated
FY2014
FY2008
• Highlights:
– Nearly 59% of sales were outside the USA
in fiscal 2014
in fiscal 2014
– Sales to Canada were nearly 13% in 2012
(oil & gas driven), down to 4% in 2014
(oil & gas driven), down to 4% in 2014
– In 2012, Asia surpassed Europe as 2nd
largest end market
largest end market
– Sales to China have tripled over last 3
years, represented 13% of sales in FY14
years, represented 13% of sales in FY14
– CAGR from 2006 to 2014:
Asia = 12%, China = 40%
Asia = 12%, China = 40%
• Outlook:
– Continue to focus on BRIC as largest
growth opportunity
growth opportunity
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Peak of mega
yacht market
yacht market
sales
November 6, 2014
Twin Disc, Incorporated
Managing Our Cost Structure
CAPEX
• Investing in core competencies
• Expanding presence in low cost manufacturing locations
• Over $100 million over past 10 yrs
11
November 6, 2014
Twin Disc, Incorporated
Sourcing Offices
Managing Our Cost Structure
Low Cost
Lower Cost
Corporate HQ/Mfg
Mfg locations
12
November 6, 2014
Twin Disc, Incorporated
• Technology
– Oil & Gas
• 8500 Series
– ARFF
• “Pump & Roll”
– Military
• “Legacy” Contracts
What Differentiates Us?
– Marine
• Patented QuickShift®
• Dynamic Positioning/DPII
• Rolla CFD
13
November 6, 2014
Twin Disc, Incorporated
What Differentiates Us?
• 96+ Years of Proven Application Know-How
• Niche Market Focus
• Product/Market & Geographic Diversity
• Core Manufacturing Capabilities
#
Mfg location
Co.-owned dist.
3rd Party dist.
Service dealers
14
November 6, 2014
#
Twin Disc, Incorporated
Looking Ahead
November 6, 2014
15
Twin Disc, Incorporated
FY05
FY06
FY07
$ millions
Corporate Six Month Backlog
(Mfg Orders to be shipped in the next 6 months)
(Mfg Orders to be shipped in the next 6 months)
FY08
FY09
FY11
FY10
FY12
FY13
16
November 6, 2014
FY14
FY15
Twin Disc, Incorporated
• Expect fiscal 2015 results to improve over fiscal 2014
• North American Oil & Gas landscape causes near term
outlook to be cautiously optimistic
outlook to be cautiously optimistic
– Experienced increased order activity in the 2nd half of fiscal
2014, which resulted in improved shipments in the 1st fiscal
quarter
2014, which resulted in improved shipments in the 1st fiscal
quarter
– Recent decrease in oil price/strengthening dollar causing a
pause in order activity
pause in order activity
– International oil and gas markets, particularly China, offer
significant long term growth opportunities
significant long term growth opportunities
• Marine markets will remain mixed
– Commercial marine markets remain robust and another good
year is expected, although near-term outlook for Asia is cautious
year is expected, although near-term outlook for Asia is cautious
– Global mega yacht market will remain depressed, however
opportunity exists for select market share gains
opportunity exists for select market share gains
– Patrol Boat market will continue to expand in the long-term as
coastal security remains a focus around the World
coastal security remains a focus around the World
17
November 6, 2014
Fiscal 2015 & Beyond Outlook
Twin Disc, Incorporated
• ARFF, Military and North American industrial markets
are expected to remain stable
are expected to remain stable
• Global markets will remain mixed
– European markets will remain challenged in the near term
– Asia continues to offer significant opportunities for above
average growth rates, although FY15 expected to moderate from
recent record levels
average growth rates, although FY15 expected to moderate from
recent record levels
– North American pressure pumping market has been slow to
rebound; however, recent order inquiry/activity provides near
term optimism
rebound; however, recent order inquiry/activity provides near
term optimism
• The Company is well-positioned to grow as end markets
recover and remains focused on providing innovative
and differentiating product and market development
projects
recover and remains focused on providing innovative
and differentiating product and market development
projects
• Continue to focus on strategic product line and
technology expansion opportunities (organic and
acquisitive)
technology expansion opportunities (organic and
acquisitive)
18
November 6, 2014
Fiscal 2015 & Beyond Outlook
Twin Disc, Incorporated
Appendices
November 6, 2014
19
Twin Disc, Incorporated
Corporate Profile - Market Diversity
Pleasure Craft Market:
• Target Markets: High speed
planing and displacement yachts
from 50’ to 150’, diesel-powered
planing and displacement yachts
from 50’ to 150’, diesel-powered
• Products: Transmissions,
Arneson Surface Drives,
Propellers, Steering/Thruster/Trim
Systems, Controls, EJS
Arneson Surface Drives,
Propellers, Steering/Thruster/Trim
Systems, Controls, EJS
• Channels: Engine OEMs &
dealers, & boat builders
dealers, & boat builders
• Customers: CAT, Cummins,
MAN, MTU, Volvo / Azimut,
Viking, Hatteras, Ferretti,
Maritimo, Palmer Johnson,
Riviera, Sanlorenzo, Sunseeker
MAN, MTU, Volvo / Azimut,
Viking, Hatteras, Ferretti,
Maritimo, Palmer Johnson,
Riviera, Sanlorenzo, Sunseeker
• Competition: ZF, Reintjes /
Kamewa /Side Power, Ultraflex,
Veem
Kamewa /Side Power, Ultraflex,
Veem
Appendix I
November 6, 2014
Twin Disc, Incorporated
Corporate Profile - Market Diversity
Work Boat Market:
• Target Markets: planing and
displacement vessels from 30’ to
250’, diesel-powered
displacement vessels from 30’ to
250’, diesel-powered
• Products: Transmissions,
Propellers, MCD’s, Controls
Propellers, MCD’s, Controls
• Channels: Engine OEMs &
dealers, boat builders &
distribution
dealers, boat builders &
distribution
• Customers: CAT, Cummins,
IVECO, Mitsubishi, Volvo /
Damen / Sewart Supply
(operators: Seacor, Tidewater,
Groupe Bourbon, Kirby, Ingram)
IVECO, Mitsubishi, Volvo /
Damen / Sewart Supply
(operators: Seacor, Tidewater,
Groupe Bourbon, Kirby, Ingram)
• Competition: ZF, Reintjes /
Kamewa, Hamilton
Kamewa, Hamilton
Appendix II
21
November 6, 2014
Twin Disc, Incorporated
Corporate Profile - Market Diversity
Patrol Boat Market:
• Target Markets: military, patrol
and coast guard vessels from 30’
to 90’, diesel-powered
and coast guard vessels from 30’
to 90’, diesel-powered
• Products: Transmissions,
Arneson Surface Drives,
Propellers, Steering/Thruster/Trim
Systems, Controls, EJS
Arneson Surface Drives,
Propellers, Steering/Thruster/Trim
Systems, Controls, EJS
• Channels: Engine OEMs &
dealers, Government agencies &
boat builders
dealers, Government agencies &
boat builders
• Customers: CAT, CMD, MAN,
MTU, Volvo / Indian Navy/Coast
Guard, Israeli Navy, Turkish
Coast Guard, USCG, US Navy,
RCMP
MTU, Volvo / Indian Navy/Coast
Guard, Israeli Navy, Turkish
Coast Guard, USCG, US Navy,
RCMP
• Competition: ZF / Kamewa /
Veem
Veem
Appendix III
22
November 6, 2014
Twin Disc, Incorporated
QuickShift®
Transmissions
Transmissions
EJS®/Electronic
Controls
Controls
Bow Thrusters
Anchor Winches
Gangways
Trim Tabs, Stern Thrusters
Power Steering
Marine Transmissions, Propulsion & Boat Management Systems
Corporate Profile - Market Diversity
We have been successful “packaging” more marine products
• Increasing content and value on each vessel
• Working directly with the shipyards
• Industry expert on vessel performance and handling
Appendix IV
23
November 6, 2014
Twin Disc, Incorporated
Corporate Profile - Market Diversity
Industrial Products:
• Target Market: Heavy duty
industrial disconnect applications
industrial disconnect applications
• Products: Mechanical & hydraulic
clutches, PTOs, reduction
gearboxes & pump mount drives,
100 - 2,500 HP
clutches, PTOs, reduction
gearboxes & pump mount drives,
100 - 2,500 HP
• Channels: Distribution & OEMs
• Customers: Bandit, Morbark,
Peterson Pacific / CAT, Cummins
& engine dealers
Peterson Pacific / CAT, Cummins
& engine dealers
• Competitors: Funk, NACD, PT
Tech, Stiebel, Transfluid, WPT
Tech, Stiebel, Transfluid, WPT
Appendix V
24
November 6, 2014
Twin Disc, Incorporated
Industrial Transmissions:
• Target Market: Off-highway and
all-terrain specialty vehicles,
diesel powered
all-terrain specialty vehicles,
diesel powered
• Products: Powertrain
components - 400 to 3,000 HP
components - 400 to 3,000 HP
• Channel: OEM vehicle mfrs. &
Distribution
Distribution
• Customers: BAE, Rosenbauer,
Oshkosh, Tatra / BJ Services,
FTSI, CalFrac, NOV, MG Bryan,
Trican, Tai’an, Yantai Jereh, & SJ
Petro
Oshkosh, Tatra / BJ Services,
FTSI, CalFrac, NOV, MG Bryan,
Trican, Tai’an, Yantai Jereh, & SJ
Petro
• Competitors: Allison, Cat, ZF
Appendix VI
25
November 6, 2014
Twin Disc, Incorporated
Frac Rig Diagram
Engine
Transmission
Pump
Appendix VII
26
November 6, 2014
Twin Disc, Incorporated
$ millions
% sales
* See Appendix XI for reconciliation of TTM figures to reported figures.
Appendix VIII
27
November 6, 2014
Twin Disc, Incorporated
Non-GAAP Financial Disclosures
Non-GAAP Financial Disclosures
Financial information excluding the impact of certain significant items in this presentation are not measures that
are defined in U.S. Generally Accepted Accounting Principles (“GAAP”). These items are measures that
management believes are important to adjust for in order to have a meaningful comparison to prior and future
periods and to provide a basis for future projections and for estimating our earnings growth prospects. Non-
GAAP measures are used by management as a performance measure to judge profitability of our business
absent the impact of foreign currency exchange rate changes and acquisitions. Management analyzes the
company’s business performance and trends excluding these amounts. These measures, as well as EBITDA,
provide a more consistent view of performance than the closest GAAP equivalent for management and
investors. Management compensates for this by using these measures in combination with the GAAP
measures. The presentation of the non-GAAP measures in this presentation are made alongside the most
directly comparable GAAP measures.
are defined in U.S. Generally Accepted Accounting Principles (“GAAP”). These items are measures that
management believes are important to adjust for in order to have a meaningful comparison to prior and future
periods and to provide a basis for future projections and for estimating our earnings growth prospects. Non-
GAAP measures are used by management as a performance measure to judge profitability of our business
absent the impact of foreign currency exchange rate changes and acquisitions. Management analyzes the
company’s business performance and trends excluding these amounts. These measures, as well as EBITDA,
provide a more consistent view of performance than the closest GAAP equivalent for management and
investors. Management compensates for this by using these measures in combination with the GAAP
measures. The presentation of the non-GAAP measures in this presentation are made alongside the most
directly comparable GAAP measures.
Definition - Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)
The sum of, net earnings and adding back provision for income taxes, interest expense, depreciations and
amortization expenses: this is a financial measure of the profit generated excluding the above mentioned
items.
amortization expenses: this is a financial measure of the profit generated excluding the above mentioned
items.
Appendix IX
28
November 6, 2014
Twin Disc, Incorporated
Reconciliation of Net Earnings to EBITDA
* See Appendix XI for reconciliation of TTM figures to reported figures.
Appendix X
NOTE: 2011 and 2012 fiscal year figures have been revised. See Footnote A in the Company’s Form 10K for the period ending June 30, 2013.
29
November 6, 2014
Twin Disc, Incorporated
Reconciliation of TTM Data to Reported Quarterly Figures
Appendix XI
NOTE: 2011 and 2012 fiscal year figures have been revised. See Footnote A in the Company’s Form 10K for the period ending June 30, 2013.
30
November 6, 2014
Twin Disc, Incorporated
November 6, 2014
Fiscal Year Condensed Consolidated Statements of Operations
NOTE: 2011 and 2012 fiscal year figures have been revised. See Footnote A in the Company’s Form 10K for the period ending
June 30, 2013.
June 30, 2013.
31
Appendix XII
Twin Disc, Incorporated
November 6, 2014
$317
$310
$332
$296
Historical Net Sales by Segment
$228
$356
32
$285
Appendix XIII
$264
Twin Disc, Incorporated
November 6, 2014
Historical Net Earnings by Segment (before Corporate Expense)
NOTE: 2011 and 2012 fiscal year figures have been revised. See Footnote A in the Company’s Form 10K for the period ending
June 30, 2013.
June 30, 2013.
33
Appendix XIV
Twin Disc, Incorporated
1st Fiscal Quarter: Condensed Consolidated Statements of Operations
Appendix XV
NOTE: 2011 and 2012 fiscal year figures have been revised. See Footnote A in the Company’s Form 10K for the period ending
June 30, 2013.
June 30, 2013.
34
November 6, 2014
Twin Disc, Incorporated
35
$ millions
% sales
Operating Cash Flows - Fiscal Year
November 6, 2014
* See Appendix X for reconciliation of TTM figures to reported figures.
Appendix XVI
Twin Disc, Incorporated
Express Joystick System® in Action
Go to http://www.twindisc.com/en/marine/marine-products/express-joystick-system
to see the new revolutionary Twin Disc Express Joystick System® in action.
to see the new revolutionary Twin Disc Express Joystick System® in action.
36
November 6, 2014