The 2020 Mid-Year Economic Update_long

Day: October 17, 2007

Timken Plans to Expand Bearing Services Capacity

In response to what it says is strong long-term demand, the Timken Company, Canton, OH, has plans to expand its industrial bearing services capacity.
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The manufacturer will invest nearly $6 million in the project, which includes the opening of a new service center in Union, SC, and the expansion of the company's existing industrial bearing services facility in South Bend, IN.
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The South Carolina service location, which is housed in a Timken bearing manufacturing plant, will relocate to a facility solely dedicated to providing industrial bearing services.
The new center will open in mid-year 2008. When it is fully operational in early 2009, the new center will have additional capacity to remanufacture bearing types and brands within the 18- to 51-inch size ...

Rexel Expands in Australia

Global electrical distributor Rexel, based in France, has acquired EIW Holdings, based in Australia.
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The acquisition is in Western Australia, a fast-growing region fueled by the mining industry and public investments.
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In 2006, Rexel's revenues in the Asia-Pacific region reached 636 million&nbsp ; euros; at the end of June 2007, the company had 304 branches in the ...

Ryerson Stockholders Approve Platinum Equity Merger

Ryerson Inc., Chicago, IL, stockholders voted to approve the agreement allowing acquisition of Ryerson by Platinum Equity, LLC.
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Upon closing, Ryerson will become a wholly-owned subsidiary of Rhombus Holding Corporation. Rhombus Holding Corporation is owned by a private investment fund or funds affiliated with Platinum Equity, LLC.
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Ryerson Inc. is a distributor and processor of metals in North America, with 2006 revenues of $5.9 billion. The Company services customers through a network of service centers across the U.S. and in Canada, Mexico, India, and ...

Lincoln Electric Sues Worker for Alleged Non-Compete Violation

According to Welding Magazine, Lincoln Electric Holdings Inc. is suing a former employee for allegedly stealing company trade secrets and then using them to help a Chinese competitor enter the market.

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A suit filed in U.S. District Court in Cleveland, OH, says that the former marketing and sales employee attempted to help Ningbo Longxing Group Co. of China enter the welding products market in the, violating a non-compete agreement he had with Lincoln Electric.

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The employee went to work for CDL International Sales Inc., a unit of the Chinese company based in