The 2020 Mid-Year Economic Update_long

Day: August 13, 2007

Timken Reorganizes Into Two Business Groups

The Timken Company, Canton, OH, will realign the company around two major business groups, the Steel Group and the Bearings and Power Transmission Group. The latter is composed of four divisions -Mobile Industries, Process Industries, Aerospace & Defense and Distribution & Services.
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The company has named Michael C. Arnold as executive vice president and president, Bearings and Power Transmission Group. Salvatore J. Miraglia, Jr., will continue as president of the Steel Group.
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Before, Timken had three groups: Steel, Industrial and Automotive.
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The organizational changes are focused primarily on improving Timken's operating effectiveness and are also anticipated to streamline operations and eliminate redundancies. When fully implemented, the ...

SYSCO Sales Up 7.4% in Fiscal 2007

SYSCO Corporation, Houston, TX, reported sales increased 8.5% to $9.23 billion in the fourth quarter ended June 30, 2007. Sales for fiscal 2007 increased 7.4% to $35.04 billion.
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Profit was $303.4 million in the fourth quarter, compared with $254.1 million in the prior-year period. In fiscal 2007, profit was $1 billion, compared with $855.3 million in the prior fiscal year, an increase of 17%.

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Praxair Sells Interest in Israeli Company

Industrial gases company Praxair, Inc., Danbury, CT, has agreed to sell its majority interest in Maxima Air Separation Center Ltd., Ramat Gan, Israel, to Discount Investment Corporation Ltd., one of Israel's largest holding companies, a part of the IDB Group.
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DIC already holds an interest in Maxima.
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Maxima has two air separation plants and had sales of $23 million in 2006. Following the sale, Maxima will continue to serve as a distributor of Praxair's products in Israel and will continue to have access to certain Praxair technology. Under the agreement, Maxima will be defined as a Praxair technology associate.
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Praxair had 2006 sales of $8.3 billion. The company produces, sells and distributes atmospheric, process and specialty gases, and ...

Norcross Safety Products Reports 19% 2Q Sales Jump

Norcross Safety Products LLC, Oak Brook, IL,&nbsp ; reported sales were $156.4 million in the second quarter 2007, up 19% from the prior-year period.
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In the general safety and preparedness segment, sales increased 17.6%. In the fire service segment, sales increased 15.8%. In the electrical safety segment, sales increased 30.3%, primarily driven by strong overall market demand, new product penetration and incremental net sales resulting from the acquisition of The White Rubber Corporation.
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For the first six months of 2007, sales were up 13.8% to $304.6 million compared with the same period a year ago.
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In the general safety and preparedness segment, sales increased 11.8. In the fire service segment, sales increased 7.1%. In the electrical ...

ITW Acquires CAD Software Provider

Illinois Tool Works Inc. has acquired Texas-based software provider Ameri-CAD Inc. The acquisition includes Ameri-CAD's architectural services division as well as software solutions VisionREZ & VUDOX.
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Ameri-CAD will function as a separate business unit in the ITW Building Components Group.
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Illinois Tool Works acquisition of Ameri-CAD enables us to more quickly and effectively deliver on the promise of technology to a fragmented housing industry. Ameri-CAD's intelligent model-based CAD software integrates and consolidates architectural, engineering and manufacturing data resulting in improved communication, and enhanced ROI," said Jimmy Moore, Ameri-CAD, Inc. CEO.
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Illinois Tool Works Inc. is a diversified manufacturer of fasteners and ...

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