The 2020 Mid-Year Economic Update_long

Day: July 19, 2007

Saint-Gobain Acquires Norandex

Saint-Gobain has acquired the Norandex group from Owens Corning. Norandex group is split into two units: building materials distribution and vinyl siding manufacturing. The deal values Norandex at $343 million.
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Norandex had sales of $866 million in 2006.
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The Norandex brand, which will be integrated into Saint-Gobain's Building Distribution sector, has a network of 153 specialized distribution branches dealing mainly in exterior building products (siding, doors, windows, etc.).

Norandex also has three plants used to manufacture vinyl siding, which are distributed by its own branches as well as by other independent distributors. The Norandex plants will be consolidated with the existing production facilities operated by the exterior building ...

Reliance Steel Sales Grow 22% in 2Q

Reliance Steel & Aluminum Co., Los Angeles, CA, reported sales for the second quarter 2007 were $1.9 billion, an increase of 22% compared with the same period a year ago. Profit was $122.8 million, also up 22%.
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For the six months ended June 30, 2007, profit was $234.5 million, up 36% from the same period in 2006. Sales for the 2007 year-to-date period were $3.74 billion, an increase of ...

Wesco Sales Increase 13.6% in 2Q

WESCO International, Inc., Pittsburgh, PA, distributor of electrical MRO products and construction materials, reported sales of $1.5 billion for the second quarter 2007, an increase of 13.6% from the same period a year ago. Organic sales matched last year's second quarter.

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Profit was $57.1 million, up slightly from the comparable 2006 quarter.
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Wesco also announced it has closed on the acquisition of Cascade Controls Corporation, a distributor of automation and controls in the Northeast with annual sales of $11 million. The acquisition allows Wesco to better serve its OEM customer base.
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Wesco reported that end-market activity was slower than expected during the quarter, slowing organic sales growth. The shortfall resulted primarily from ...

Motion Industries Sales Up 9% in 2Q

Genuine Parts Company, Atlanta, GA, reported sales increased 4% in the second quarter 2007 to $2.77 billion. Profit was up 8%.

Motion Industries, GPC's industrial group, increased sales by 9%. EIS, the electrical group, reported a 7% jump, and the Automotive Group had a 2% increase in sales. Office Products was up 1%.

For the six months ended June 30, 2007, overall Genuine Parts Company sales were $5.42 billion, up 4% compared with the same period in 2006. Profit was $251.7 million, an increase of ...

M& A Survey: ‘It’s a Seller’s Market’

A record $2.7 trillion in first half 2007 worldwide mergers has led dealmakers to call the current M & A environment good or excellent (93%), according to a new survey by Association for Corporate Growth (ACG) and Thomson Financial.&nbsp ;

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However, there is growing concern among private equity professionals -who have played an increasingly important role in the merger boom -that the easy availability of debt financing which has helped fuel transactions will tighten, with 68% saying the debt markets will be worse in the next year.&nbsp ;
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The ACG/Thomson DealMakers Survey polled 1,011 investment bankers, private equity professionals, corporate development officers, as well as lawyers, accountants and other service providers involved in the deal ...

PT/MC Distributors Report Rebound in Sales

The Power Transmission Distributors Association released May 2007 month-end trend data for distributors and manufacturers of power transmission/motion control (PT/MC) products.
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Following two months of declining sales, U.S. distributors'sales of PT/MC products rebounded with a 2.4 percent increase from April to May.&nbsp ; Year-to-year comparisons remained positive with sales in May 2007 coming in 6.4 percent higher than in May 2006.&nbsp ; Accounts receivable collection days declined 2.1 percent when compared to April.&nbsp ; The May 2007confidence index for U.S. distributors remained unchanged for the third month in a row at 6.6 (on a 10-point scale).
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Canadian distributors'sales of PT/MC products on a month-to-month comparison mirrored the performance of ...

Lewis-Goetz Acquires Samson Industrial

Lewis-Goetz and Company, Inc., Pittsburgh, PA, has acquired Samson Industrial, expanding its reach further into the Southeast and solidifying its presence in the Gulf Coast.&nbsp ;

Samson Industrial is a distributor and fabricator of specialty industrial supplies specializing in fluid and material conveyance, fluid sealing, vibration and dampening, fastening, personal safety and industrial tools. Samson has 15 locations, including its headquarters in Tulsa, OK.

Lewis-Goetz is a distributor of fabricated industrial rubber products including industrial, hydraulic and metal hose, conveyer belts, gaskets and seals, and related accessories.

Private equity firm Audax Group recent bought Lewis-Goetz, which, with recently acquired Goodall Rubber ...

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