The 2020 Mid-Year Economic Update_long

Day: December 3, 2007

Airgas Makes Three Acquisitions

Airgas, Inc., Radnor, PA, has acquired Wright Welding Supply, Inc., an industrial gas and welding supply distributor in Des Moines, IA, and two other distributors in Texas and British Columbia. Together, the three transactions add $22 million in acquired annual sales.
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Wright Welding Supply, Inc. operates in Iowa and eastern Nebraska from five locations in Des Moines, Fort Dodge, Oskaloosa, and Council Bluffs, IA; and Omaha, NE, with an industrial and specialty gas fill plant in Des Moines. The operations, with about 40 employees, have been integrated into Airgas North Central, one of the regional companies within Airgas.
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In Texas, Airgas has acquired Basin Welding Supply in Odessa, TX. Basin's new fill plant in Odessa, which opened in February 2007, will ...

Manufacturing Expands at Slower Rate in November

Manufacturing expanded in November, say the nation's supply executives in the latest Manufacturing ISM Report On Business.
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The rate of growth in the sector however was down slightly compared with October. The PMI registered 50.8%, a decrease of 0.1 percentage point. A reading above 50% indicates manufacturing expanded; below 50% indicates a contraction.
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Still, strength in new orders paired with a recovery in production from last month, drove growth. Prices, driven higher by energy prices, are once again the major concern.

Read the full report

Lincoln Electric Acquires Vernon Tool Co.

Lincoln Electric, Cleveland, OH, has acquired Vernon Tool Company Inc., a San Diego, CA-based manufacturer of computer-controlled pipe cutting equipment used for precision fabrication.

Vernon Tool's annual sales are about $9 million. Its customer base is in industrial construction as well as infrastructure and energy-related segments.

Lincoln Electric is a manufacturer of arc welding products, robotic arc-welding systems, plasma and oxyfuel cutting equipment and has a leading global position in the brazing and soldering alloys market. It has 36 manufacturing locations and operations in 19 countries with distributors and sales offices in more than 160 ...

Cooper Industries Buys S. Korean Supplier

Cooper Industries, Ltd., Houston, TX, has acquired Hyundai Explosion-Proof Electric Company, a South Korea-based manufacturer of explosion-proof electrical equipment.
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HEPEC specializes in explosion-proof Glass Reinforced Plastic lighting, control panels and switchgear and its products are complementary to the current Cooper Crouse-Hinds product offerings.
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The acquisition provides Cooper with increased access to the South Korean market, with its strong shipbuilding industry and where significant investment to upgrade domestic energy and petrochemical infrastructure is underway.
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The HEPEC acquisition is the eighth deal announced by Cooper in 2007.

Cooper Industries is a global manufacturer with 2006 revenues of $5.2 billion, about 85% ...

Parker Hannifin Buys Temp. Sensing Eqmt Supplier

Parker Hannifin, Cleveland, OH, motion and control technologies supplier, today announced has acquired the Texas Thermowell Industries, Beaumont, TX, business of Bravura, Ltd., a manufacturer of temperature sensing protection equipment.&nbsp ;
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The anticipated annual revenue of the business for the 2007 fiscal year will be $5 million.
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Texas Thermowell products will give Parker a solid foundation in critical temperature sensing applications within chemical processing and petroleum refining markets," said John Greco, president of Parker's Instrumentation Group. "Temperature sensing is among the most commonly required control applications in processing plants which may have dozens of temperature monitoring points using these devices to protect ...