The 2020 Mid-Year Economic Update_long

Day: August 1, 2007

Ryerson Sales Up 7.2% in 2Q

Ryerson Inc., Chicago, IL, which recently announced it has agreed to be acquired by Platinum Equity, reported second quarter sales of $1.6 billion, a 7.2% increase from the year-ago period.
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A 17.5% rise in the average selling price per ton offset an 8.8% decline in tons shipped. From the first quarter, sales declined 2.7% on a 1.1% increase in the average selling price per ton and a 3.7% decline in tons shipped.
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Profit was up 72% year-over-year, and up 51% excluding a favorable income tax settlement.
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Ryerson reported that softer industry volume was offset by higher metals pricing, efforts to control costs, continued inventory reductions, and progress on short-term initiatives of addressing underperforming service centers, improving inventory ...

Honeywell Buys Enraf Holding for $260M

Honeywell, Morris Township, NJ, has acquired Enraf Holding B.V., a division of privately held Delft Instruments, based in Delft, Netherlands, in a deal valued at $260 million.
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This acquisition brings tremendous upside to both Enraf and Honeywell Process customers in the energy production supply chain," said Jack Bolick, president of Honeywell Process Solutions. "& hellip; In addition, the acquisition brings an opportunity to grow within our existing customer base and in new sectors such as bio-fuels, LNG terminals and petrochemicals.
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Enraf is a provider of mission-critical measurement and controls solutions for the exploration, production and transportation of energy products for land and marine applications. The Enraf line of products for measurement, ...

Builders FirstSource Buys Bama Truss & Components

Builders FirstSource, Inc., Dallas, TX, a supplier and manufacturer of structural and related building products for residential new construction in the U.S., has acquired Bama Truss and Components, Inc.
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Based in Shelby, AL, Bama is a supplier of multifamily and light commercial manufactured structural components with annual sales of $25 million. Its product offerings include: wood roof and floor trusses, wood panels, steel roof trusses and various related building materials and services.
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Builders FirstSource operates in 13 states, principally in the southern and eastern U.S., and has 68 distribution centers and 61 manufacturing facilities, many of which are located on the same premises as its distribution ...

Manufacturing Expands in July

Economic activity in the manufacturing sector expanded in July for the sixth consecutive month, while the overall economy grew for the 69th consecutive month, say the nation's supply executives in the latest Manufacturing ISM Report On Business.
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Following a strong second quarter, the manufacturing sector moderated somewhat in the past month. In July, manufacturing expanded at its slowest pace in the last four months, but continuing strength in New Orders and Production indicate that third quarter performance should still be quite good, ISM reported. Upward pricing pressures now in their seventh month continue to be a major concern for supply managers.
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The 10 industries reporting growth in July & mdash; listed in order & mdash; are: Wood Products; Furniture ...

U.S. Manufacturing Shipments Down in June

New Orders
New orders for manufactured durable goods in June increased $3.0 billion or 1.4% to $217.1 billion, the U.S. Census Bureau announced. This was the fourth increase in the last five months and followed a 2.3% May decrease. Excluding transportation, new orders decreased 0.5%. Excluding defense, new orders increased 1.9%.
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Shipments of manufactured durable goods in June, down following three consecutive monthly increases, decreased $2.3 billion or 1.1% to $212.5 billion. This followed a 0.6% May increase.
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Unfilled Orders
Unfilled orders for manufactured durable goods in June, up 25 of the last 26 months, increased $10.7 billion or 1.5% to $736.5 billion. This was at the highest level since the series was first ...

Canadian Distributor Sales Rise Slightly in May

Source: Statistics Canada
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Following April's sharp decline, Canadian wholesale sales posted a modest rebound in May with most sectors registering gains.

Overall sales rose&nbsp ; 0.6% to&nbsp ; $43.1&nbsp ; billion in May, offsetting some of April's large drop (-3.0%). Five of the seven wholesale sectors reported higher sales in May, with the largest gains observed in the machinery and electronic equipment (+2.1%) and other products" (+1.9%) sectors. More modest rises were recorded by wholesalers of building materials, personal and household goods and automotive products.

These gains were partially offset by lower sales in the food, beverages and tobacco products sector, which posted its first decline of&nbsp ; 2007, and the farm products ...

Airgas Buys Gartech

Airgas, Inc., Radnor, PA, has acquired Gartech Refrigerant Reclamation Center, Inc., with locations in Garland, TX, and Oklahoma City, OK.
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Airgas Specialty Products, in the distribution of industrial ammonia, process chemicals, and refrigerants, has integrated Gartech's operations, which generated almost $2 million in revenue in 2006.
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Airgas, Inc. is a distributor of industrial, medical, and specialty gases, and hardgoods, such as welding equipment and supplies. It has more than 1,100 locations, including branches, retail stores, gas fill plants, specialty gas labs, production facilities and distribution centers in the ...

Lawson Products Sales Flat in 2Q

Lawson Products, Inc., Des Plaines, IL, a distributor of services, systems and products to the MRO and OEM marketplaces, reported second-quarter sales from continuing operations were $129.2 million, comparable to the prior-year quarter.
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The company reported a net loss of $0.3 million, compared to profit of $3.2 million in the second quarter 2006.
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Second quarter 2007 results include severance costs of $5.5 million related to several executive departures.

Some Lawson sales agents were recently indicted on ...

Curtiss-Wright Acquires Controls Supplier for $102M

Curtiss-Wright Corporation, Roseland, NJ, has acquired Benshaw Advanced Controls & Drives, Pittsburgh, PA, for $102 million in cash.
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Benshaw is a supplier of motor control and protection product solutions for original equipment manufacturers (OEMs) and industrial customers. The business will become part of Curtiss-Wright's Flow Control segment.
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The addition of Benshaw to the Curtiss-Wright family of companies provides a major opportunity to expand our product offerings in the commercial power, control electronics and systems markets," said Curtiss-Wright CEO Martin R. Benante. "Benshaw's expertise in electronic motor control and protection technology will support our growth in high speed motors and AP1000 pumps, as well as providing a low-cost manufacturing ...