MDM News Digest 3915

UK-based Wolseley plc announced it would be continuing to cut costs across the company, as sales continued to decline. In its pre-close period trading statement for the 11 months ended June 30, revenues from continuing operations were down 1.5% to £13.25 billion (US$21.86 billion). Profit from continuing operations was down 47%. More

While average revenues were down 16% in the second quarter year-over-year, respondents to the second-quarter Baird Industrial Distribution Survey expect to see some improvement in the third quarter, with revenues down and average of 11.6% year-over-year. More

Employment in wholesale trade fell by 19,000 in July, with the majority of the decline occurring among durable goods wholesalers, the U.S. Bureau of Labor Statistics reported. Manufacturing employment fell by 52,000 in July and has declined by 2 million since the recession began.

Watsco, Inc., Coconut Grove, FL, an independent distributor of air conditioning, heating and refrigeration products, reported sales for the second quarter 2009 were $405 million, down 21% from second quarter 2008. Profit declined 37.5% to $16.3 million. More

Paris-based electrical distributor Rexel Inc. reported sales of €5.6 billion (US$7.9 billion) fell 17.9% on an organic same-day basis in the first half. Sales were down 6.4% on a reported basis. More

DXP Enterprises reported sales of $144.4 million in the second quarter 2009, a decrease of 23.1% from the prior-year period. Profit was $2.16 million, down 31.7%. More

Electrical and electronics manufacturer Hubbell Inc., Orange, CT, has agreed to acquire FCI Americas, Inc., more commonly known as Burndy, for$360 million in cash, subject to certain standard adjustments. More

Alstom and Schneider Electric are considering making a joint bid for Areva Transmission and Distribution, recently put up for sale by its parent company. Alstom and Schneider would "create a common structure" to bid for Areva, and if successful, would transfer the transmission activities to Alstom, and distribution activities to Schneider. More

Canton, OH-based The Timken Company has agreed to sell its Needle Roller Bearings business - which serves customers mostly in the automotive OEM sector - to Japan's JTEKT Corp. JTEKT will pay $300 million in cash. More

The Timken Company, Canton, OH, reported sales of $828.9 million for the second quarter of 2009, a decrease of 46% over the same period a year ago. A loss of $64.5 million for the term was recorded. More

The European Commission has granted clearance for the proposed acquisition of Dutch distributor ERIKS by SHV Alkmaar B.V., a subsidiary of SHV Holdings N.V. The company would buy ERIKS for $48 a share, according to the latest offer announcement. More

Purvis Industries, Dallas, TX, has acquired Bearing Service and Supply, San Angelo, TX, a distributor of power transmission, fluid connectors and motion control products. Bearing Service and Supply focuses on the agricultural, industrial and alternative energy customers in the San Angelo and West Texas region. More

Global operating conditions stabilized in July, following a sustained period of weakness, according to the JPMorgan Global Manufacturing PMI, which stood at 50.0. The Global Manufacturing New Orders Index stood at a 20-month high of 53.3. International trade volumes rose slightly in July, following 10 months of sustained decline. More

Manufacturing contracted in July, according to the latest Manufacturing ISM Report on Business. The decline in manufacturing was slower in July when compared to June, as the more leading components of the PMI - the New Orders and Production Indexes - rose significantly above 50%, thus setting an expectation for future growth in the sector. More

In June, the Canadian Industrial Product Index rose0.7% compared with May, while the Raw Materials Price Index increased6.2%, according to a report from Statistics Canada.Both gains were due to a strong increase in petroleum prices. More

Manufacturing production plummeted in Latin America during the first quarter of 2009, accelerating a freefall that began in late 2008, and will remain weak throughout the year before improving in 2010, according to the Manufacturers Alliance/MAPI Latin America Manufacturing Outlook. MAPI forecasts that overall manufacturing output in Latin America will decline 7.7% in 2009, with 3.6% growth in 2010. More

New orders for manufactured durable goods in June decreased $4.1 billion or 2.5% to $158.6 billion, according to the U.S. Census Bureau. Inventories of manufactured durable goods in June, down six consecutive months, decreased $3.0 billion or 0.9% to $318.8 billion. More

Emerson, St. Louis, MO, reported sales for the third quarter ended June 30, were $5.1 billion, down 22% from the same period last year. Profit decreased 36.8% to $387 million. More

Barnes Group Inc., Bristol, CT, reported sales for the second quarter 2009 were $255.2 million, down 33%. Profit declined 68.8% to $10.4 million. More

Interline Brands, Inc., Jacksonville, FL, reported sales for the second quarter were down 13.3% to $269.9 million. Profit was $6.4 million in the second quarter, down 45.3%. More

United Stationers Inc., Deerfield, IL, reported sales for the second quarter 2009 were $1.16 billion, down 7.4% from the prior year same period. Profit decreased 1.4% to $21.5 million. More

United Rentals, Inc., Greenwich, CT, announced sales for the second quarter 2009 of $615 million, down 26% from second quarter 2008. The company reported a net loss of $17 million. During the quarter, 38 branches were closed or consolidated in the quarter, and headcount was reduced by approximately 800. More

 

Flowserve Corp., Dallas, TX, reported sales for the second quarter 2009 were $1.09 billion, down 6% from the prior year period. Profit declined 11.9% to $108.2 million. More

Kennametal Inc., Latrobe, PA, reported fiscal year 2009 sales of $2.0 billion, down 23% from fiscal year 2008. The fiscal year net loss was $119.7 million. More

Lawson Products, Inc., Des Plaines, IL, reported sales for the second quarter of 2009 of $95 million, down 25.3% from the prior year period. Profit was $1.8 million, compared to a loss of $29.7 million in the second quarter 2008. More

Praxair, Inc., Danbury, CT, reported sales for the second quarter 2009 were $2.13 billion, down 26% from the prior year same period. Profit declined 14.3% to $299 million. More

Airgas, Inc., Radnor, PA, reported sales for the first quarter ended June 30, 2009, were $1.0 billion, down 12% from the prior year. Profit declined 20.4% to $54.8 million. More

Arrow Electronics, Inc., Melville, NY, reported second-quarter 2009 sales were $3.39 billion, down 22% year over year. Profit declined 78% to $21.1 million. More

Anixter International Inc., Glenview, IL, reported second quarter sales of $1.2 billion, a decline of 25% from second quarter 2008. The company posted a loss of $89.8 million for the period, compared to profit of $1.7 million the prior year.More

A. M. Castle & Co ., Franklin Park, IL, reported second quarter sales of $195.1 million, down 50.9% from second quarter 2008. The company posted a loss of $5.5 million for the quarter, compared to profit of $11.3 million the prior year. More

The Saint-Gobain Group, Courbevoie, France, reported sales for the first half of 2009 were €18.7 billion (US$26.6 billion), down 15.5% from the first half of 2008. Profit declined 88.1% to €128 million (US$182.2 million).The group saw negative organic growth of 15.5% for the period. More

Dallas, TX-based Builders FirstSource, Inc. reported sales for the second quarter ended June 30, 2009, were $175.5 million, down 37.8% from $282.3 million in the prior-year period. Sales volume dropped 33%. The net loss for the quarter was $22.6 million. More

WESCO International Inc., Pittsburgh, PA, reported sales for the second quarter 2009 were $1.2 billion, a decrease of 27%. Profit for the second quarter was $26.4 million, about half that of the comparable quarter 2008. In the second quarter, the company reduced its work force by 900 positions. More

Carlisle Companies Inc., Charlotte, NC, reported net sales from continuing operations of $618.5 million for the second quarter 2009, a 28% decline from the same period a year ago. Profit improved 2.2% to $55.5 million. Organic sales decreased 28% with sales down across all segments. More

Allied Motion Technologies Inc., Denver, CO, reported second quarter sales of $13.9 million, down 41% from second quarter 2008. The manufacturer of motion control products recorded a loss of $12.1 million for the period. More

Milwaukee, WI-based Rockwell Automation, Inc. reported fiscal 2009 third quarter revenue of $1.1 billion, down 31% compared with the third quarter fiscal 2008. Third quarter profit was $32.8 million, compared with $152.6 million in the third quarter 2008. More

Cleveland, OH-based Parker Hannifin Corp. reported sales for the fiscal year 2009 were $10.3 billion, a decline of 15.1% from the previous year. Profit for the year fell 46.4% to $508.5 million. More

Sealed Air Corp., Elmwood Park, NJ, reported second quarter 2009 sales of $1.03 billion, down 20% from the prior year period. Profit declined 3% to $60.5 million. More

Hexcel Corp., Stamford, CT, reported sales for the second quarter of 2009 were $277.3 million, 22.9% lower than second quarter 2008. Profit declined 37.1% to $16.8 million. More

Park-Ohio Holdings Corp., Cleveland, OH, announced sales for the second quarter were $163.4 million, down 43% from second quarter 2008. Profit declined 42.1% to $3.3 million. More

Crane Co., Stamford, CT, reported second quarter sales of $545.5 million, down 21% from second quarter 2008. Profit declined 53% to $27.8 million. The company eliminated 270 positions during the quarter, with additional reductions expected in the second half of the year. More

The Black & Decker Corp., Towson, MD, reported sales fell 27% in the second quarter 2009 to $1.2 billion. Profit was $38.3 million, down from $96.7 million in the prior-year period. More

Columbus McKinnon Corp., Amherst, NY, reported sales for the first quarter ended June 30, 2009, were $119.0 million, down 21.3% from the prior-year same period. The manufacturer recorded a loss of $2.4 million for the period, compared to profit of $9.7 million the prior year. More

Myers Industries, Inc., Akron, OH, reported sales for the second quarter were $173.2 million, a decrease if 19% from second quarter 2008. The company recorded a loss of $1.4 million for the period, compared to profit of $2.9 million the prior year. More

Manufacturer Cooper Industries, Houston, TX, reported second quarter 2009 sales were down 26% to $1.27 billion, compared with $1.72 billion in the prior-year period. Profit was $89.3 million, down from $161.9 million reported in the 2008 second quarter. More

Reliance Steel & Aluminum Co., Los Angeles, CA, reported a net loss of $5.8 million for second quarter 2009, compared with profit of $156.6 million in the 2008 quarter, and $20.1 million for the first quarter of 2009. Sales were $1.2 billion, down 41% from the prior-year period, and down 20% from the first quarter. More

Diversified manufacturer 3M, St. Paul, MN, reported second-quarter sales were $5.7 billion, a decline of 15.1% from the same period a year ago. Profit declined 17.1% to $783 million. More

Mary Sue Lyon, who has lead the Power Transmission Distributors Association for 15 years, will retire as executive vice president at the end of 2010. Lyon joined PTDA as the executive vice president in August 1994.A search committee has been formed with the intent of having a new executive vice president in place by September 2010. More