The 2020 Mid-Year Economic Update_long

Day: January 18, 2007

Applied Industrial Sales Up 4% in 2Q

Applied Industrial Technologies, Cleveland, OH, reported sales increased 4% in the second quarter 2007 to $472.36 million. Profit grew 21% to $18.5 million.

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For the six months ended Dec. 31, 2006, sales increased 7% to $964.9 million from $899.3 million in the same period last year. Profit was up 23% to $39.7 million.

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Applied CEO David Pugh said: Although our sales growth was softer than we expected, we believe the economic outlook suggests continued growth through our fiscal year.&nbsp ; We are actively managing our business and are working to keep costs in line with the slower pace of the economy. Based on the current state of the industrial economy, and with six months of results under our belt, we now expect our year-end sales to ...

SKF Acquires Preventive Maintenance Company

SKF has acquired the Preventive Maintenance Company Inc., Elk Grove Village, IL. PMCI has 70 employees with annual sales of about $10 million.

PMCI is in Predictive Maintenance services for industrial customers in the pulp and paper, metals, food, automotive and other industries. The PMCI acquisition strengthens SKF in reliability services, condition monitoring products and maintenance strategies.

The integration of PMCI into the SKF Group has just started.

Related Links:
SKF Group Sales Grow 8.3% in First Half
SKF to Buy Austrian Industrial Seals Co.