The 2020 Mid-Year Economic Update_long

Day: November 28, 2007

Wolseley to Lay Off 1,300 More Workers in U.S.

UK-based Wolseley plc will be laying off 1,300 more workers in the U.S. in its second quarter; the global building materials and plumbing distributor reduced headcount by 1,700 in the three months ended Oct. 31, 2007.
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In total to date, layoffs represent a third of Stock Building Supply workforce and 10% of the Ferguson work force.
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Globally, the company is also working to reduce indirect costs, is realigning its management structure and reestablishing priorities in the businesses for the current year." The roles of Chief Business Development Officer and Chief Operations Officer are being eliminated.&nbsp ;
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North American revenue was down 10% (3% in constant currency), and profit was down 30% (25% in constant currency).
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Overall ...

Electroindustry Business Confidence Index Rebounds

The National Electrical Manufacturers Association's Electroindustry Business Confidence Index for current North American conditions rebounded sharply in November, rising by more than 15 points from a month earlier.
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At 52.2, the index signaled the first month-to-month improvement in business conditions since April. By contrast, the future conditions index for North America lost ground on the month, slipping to 40 from 42.6 a month ago.
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The Electroindustry Business Confidence Index gauges the business confidence of the electroindustry in Asia, Europe, North America, and Latin America, and is based on the results of a monthly survey of senior managers at NEMA member companies. Those companies represent more than 80 percent of the ...

Redwood Plastics Acquires Canadian Supplier

Industrial rubber and elastomer product supplier Redwood Plastics Corp., a division of The Redco Group, has acquired BC Rubber Supply Ltd., Langley, BC.

Redwood Plastics has seven branches and two manufacturing facilities in the U.S. and in Canada. Redwood Plastics is also a partner of Prisma Plastics International Inc. with Warehoused Plastics Inc. and Plastics Alto/Polyfab ...