The 2020 Mid-Year Economic Update_long

Day: July 2, 2007

Manufacturing Expands Again in June

Economic activity in the manufacturing sector expanded in June for the fifth consecutive month, while the overall economy grew for the 68th consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business.&nbsp ;

Following a weak first quarter, the manufacturing sector rebounded in a strong fashion during the second quarter. In June, manufacturing expanded at its fastest pace since April 2006 when the PMI Index registered 56.9. This performance appears sustainable in the third quarter due to the current strength in New Orders and Production.&nbsp ;

The 12 industries reporting growth in June & mdash; listed in order & mdash; are: Petroleum & Coal Products; Chemical Products; Plastics & Rubber Products; Food, Beverage ...

NetSuite Prepares for IPO

NetSuite Inc., San Mateo, CA, a vendor of on-demand, integrated business management application suites that provide ERP, CRM and e-commerce functionality for small and medium-sized businesses and divisions of large businesses, has filed a registration statement with the U.S. Securities and Exchange Commission on its intended initial public offering of its common stock.
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The number of shares to be offered and the price range for the offering have not yet been ...

Pro-Build Buys TN-Based Crosslin Supply

Pro-Build Holdings, Denver, CO, supplier of building materials to professional contractors, has purchased Crosslin Supply Company, a distributor of lumber, millwork and building products in the greater Nashville, TN, market.
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Crosslin, with facilities in Franklin, Spring Hill and Smyrna, TN, is a family-owned and operated business.
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The team at Crosslin Supply will be a great addition to our existing team in the Nashville area," said Buddy Ables, president, Pro-Build East Region. "Nationally, Nashville ranks in the top 20 markets with respect to permit activity. This acquisition will allow us to better serve our new and existing customers by expanding our network of facilities and ...

Actuant Buys BH Electronics for $30M

Actuant Corporation, Milwaukee, WI, has acquired BH Electronics, Munford, TN, for $30 million in cash.
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BHE produces dashboard control panels and electronic assembly systems, primarily for the marine market. BHE generated $35 million in sales in 2006, and has 450 employees.
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BHE will operate within Actuant's Electrical Segment. Actuant has sale of over $1.4 ...

Airgas Expands in Southern California

Airgas, Inc., Radnor, PA, has acquired Lehner & Martin, Inc, a Santa Ana, CA-based industrial gas and welding supply distributor with branches in Placentia, Gardena, and Chino, CA. L & M had sales of more than $13 million in the fiscal year ended March 31, 2007.
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The operations have been integrated into Airgas West, one of the regional companies that make up Airgas' distribution business.
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The transaction was the fifth acquisition completed since the start of Airgas' fiscal 2008 on April 1, 2007, with acquired sales now topping $378 million, including the Linde U.S. packaged gas acquisition announced earlier.
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Airgas, Inc. is a U.S. distributor of industrial, medical, and specialty gases, and hardgoods, such as welding equipment and supplies. ...

May Construction Spending Up Slightly

The U.S. Census Bureau of the Department of Commerce announced that construction spending during May 2007 was estimated at a seasonally adjusted annual rate of $1,176.6 billion, 0.9 percent above the revised April estimate. The May figure is 2.8 percent (& plusmn; 2.2%) below the May 2006 estimate of $1,210.0 billion.
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During the first five months of this year, construction spending amounted to $442.1 billion, 3.9 percent (& plusmn; 1.8%) below the $460.1 billion for the same period in 2006.
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Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $892.1 billion, 0.5 percent above the revised April estimate of $887.6 billion. Residential construction was at a seasonally adjusted annual rate of $549.0 billion ...

Parker Hannifin Buys Mitos

Parker Hannifin Corporation, Cleveland, OH, supplier of motion and control technologies, has acquired Mitos Technologies, Inc.&nbsp ;
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Mitos manufactures fluid-handling products and systems designed specifically to meet the high purity requirements of the biotech industry, including tubing and hose, valves, pumps and molded components.&nbsp ;
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Mitos had revenues of $5.5 million in 2006 and employs 40 people at its headquarters in Phoenixville, PA.