The 2020 Mid-Year Economic Update_long

Day: September 27, 2007

Final GDP Estimated 2Q Growth at 3.8%

Real gross domestic product -the output of goods and services produced by labor and property in the U.S. -increased at an annual rate of 3.8% in the second quarter of 2007, according to final estimates released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 0.6%.
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These GDP estimates are based on more complete source data than were available for&nbsp ; the preliminary estimates issued last month. In the preliminary estimates, the increase in real GDP was 4%.
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The acceleration in real GDP growth in the second quarter primarily reflected a downturn in imports, upturns in federal government spending and in private inventory investment, accelerations in exports, in nonresidential structures, and in equipment and software, and a ...

Building Materials Holding Corp. Sells Retail Units

Building Materials Holding Corporation, San Francisco, CA, a supplier of construction services and building materials to professional residential builders and contractors, announced its subsidiary, BMC West Corporation, has sold three retail-oriented business units in Western Colorado for $11.4 million.
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The buyer is West Canyon Investments, an affiliate of Harbert Lumber, Grand Junction, CO. Sales for these three operations in 2006 were $40 million or 3% of BMC West.
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The sale is another step in BMC West's continuing strategy to focus on professional builders and contractors and to emphasize value-added products and services, including manufacture and installation of millwork and structural components, in addition to lumber and materials ...

Succession Plan Ensures Leviton Stays in the Family

The late Harold Leviton has appointed sons-in-law Donald J. Hendler as CEO and Stephen B. Sokolow as chairman of the Board of Directors of Leviton Manufacturing Company. The appointments were made through a succession plan to ensure the company would be run by family as it has since his father started the electrical manufacturer in 1906.
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Hendler was named president in 2005, and Sokolow was named Vice Chairman the same year.
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The Leviton family business will continue to grow as we embark on our second century in business," said Donald Hendler, president and CEO of Leviton. "I am proud to accept leadership responsibility on behalf of Harold and the Leviton family. We have a number of exciting initiatives planned for the coming months and both Steve and I look ...

Air Liquide Subsidiary to Buy Scott Specialty Gases

American Air Liquide Holdings, Inc., an Air Liquide affiliate, has agreed to buy Scott Specialty Gases, Inc., an international producer and supplier of mixed and pure high specialty gases to the analytical, medical and electronics sectors, and of gas handling equipment and specialty gas delivery systems.
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Headquartered in Plumsteadville, PA, Scott employs 450 people with annual sales of $88 million. It covers the U.S. market with centers in the Northeast, Midwest, Gulf Coast, Rocky Mountain and Pacific. Internationally, Scott is in the UK and the Netherlands as well as Europe, India, Africa the Middle East and Taiwan.
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The combined Air Liquide and Scott operations in the high-growth market for specialty gases will provide Air Liquide with a new platform for ...

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