The 2020 Mid-Year Economic Update_long

Day: December 7, 2007

Graybar Sales Up 4.3% in 3Q

Graybar, St. Louis, MO, distributor of electrical and communications products, reported profit of $66.2 million during the first three quarters of 2007, an increase of 41.7% over the same period in 2006.
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During the first three quarters of 2007, sales increased to $3.92 billion, a 4.3% increase over the same period in 2006. The sales increase resulted from organic growth and reflected expansion in the electrical and communications/data markets. In comparison to the first three quarters of 2006, income from operations grew 29.8% during the first nine months of 2007.
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Our net income through the third quarter this year is greater by almost $9 million than our annual net income in 2006," said Robert A. Reynolds Jr., president and CEO of Graybar. ...

Ingersoll-Rand Sells Bobcat Unit for $4.9B

Ingersoll-Rand Company Ltd. has sold its Bobcat, Utility Equipment and Attachments business units to Doosan Infracore for $4.9 billion.

The combined businesses manufacture and sell compact equipment, including skid-steer loaders, compact track loaders, mini-excavators and telescopic tool handlers; portable air compressors, generators, and light towers; general-purpose light construction equipment; and attachments. For full-year 2006 these businesses generated $2.6 billion in revenues.

Ingersoll Rand is a global diversified industrial firm providing products, services and solutions to transport and protect food and perishables, secure homes and commercial properties, and enhance industrial productivity and ...

Illinois Tool Works Sales Up 15.6% in Latest Quarter

Illinois Tool Works Inc., Glenview, IL, reported revenue growth of 15.6% for the quarter ended Oct. 31, 2007. Base revenues were up 2.2%, due to strength in international markets. North American organic growth was flat in the quarter.
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With acquisitions, sales changes were:
Engineered Products/North American +1.7%
Engineered Products/International +24.9%
Specialty Systems/North America +8.3%
Specialty Systems/International +19.5%
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ITW is a $14.1 billion diversified manufacturer of highly engineered components and industrial systems and ...

Myers Industries Sales Up 15% in 3Q

Myers Industries, Inc., Akron, OH, reported sales from continuing operations for the third quarter ended Sept. 30, 2007, were up 15% to $213.9 million.
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The sales increase includes $29.5 million from the acquisition of ITML Horticultural Products and sales of $8 million from the purchase of material handling lines from Schoeller Arca Systems Inc. North America. Organic growth was down by $9.4 million in the third quarter.
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Income from continuing operations was $1.5 million, as compared to $4.2 million in the third quarter of 2006.
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Sales from continuing operations for the nine months ended September 30, 2007 increased 17% to $686 million, as compared to sales of $585.7 million reported for the nine months ended September 30, 2006.
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Graybar Anticipates $100M in ’08 Sales from New Account

Graybar, St. Louis, MO, distributor of communications and electrical products, has been awarded a new, three-year U.S. Communities Program contract effective Jan. 1, 2008. DeSousa said the company forecasts sales of more than $100 million through the program in 2008.
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Graybar will be the exclusive distributor of electrical products in the program, which provides cooperative purchasing agreements for U.S. Communities-registered agencies nationally. The program provides competitively solicited pricing and streamlines purchasing by eliminating the traditional three-bid buying process.&nbsp ;
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State, county and local governments, dependent and independent special districts, public and private K-12 schools and universities, and non-profit institutions are eligible ...

SKF, GE Aviation Enter Joint Venture

SKF and GE Aviation have agreed to establish a new company that will manufacture and repair bearings for GE's engines for large aircrafts. The new company, with SKF holding 51% and GE Aviation 49%, will be consolidated into the SKF Group and represents an investment of $28 million.
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The bearings will be manufactured for GE Aviation and its affiliate. The new company will be based in Charleston, SC. It will start deliveries during 2008 and will have about 100 employees when in full production.
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Sweden-based SKF is a producer of bearings for the aero engine market and GE Aviation produces large aero engines. ...

Software Provider TECSYS Pushes Into Industrial Distribution

TECSYS Inc., Montreal, (TSX: TCS), supply chain management software company, has acquired Streamline Information Systems Limited, a Brantford, Ontario-based software supplier in the industrial distribution sector, for CDN$1.4 million.
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Streamline is a provider of enterprise software applications for the SMB industrial distribution sector. The company has clients in Canada and the U.S. The Company's product line, Visual Streamline, is a full suite of software such as Sales Order Management, Inventory Management and Financial applications. Its customers are primarily wholesalers spanning multiple industry segments in Canada and the U.S. For fiscal year ended Aug. 31, 2007, Streamline's revenue was CDN$ 2.9 million.
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We made the decision over a year ago to become ...