The 2020 Mid-Year Economic Update_long

Day: December 12, 2007

Hagemeyer Ordered to Pay US$73M in Damages

The Netherlands-based electrical distributor Hagemeyer NV, which recently agreed to be bought by Paris-based Rexel, was ordered by a judge to pay & euro; 50 million (US$73 million) in bankruptcy-related damages.
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The case involves Ceteco, which went into bankruptcy in 1998 and started proceedings against Hagemeyer, former members of Hagemeyer's board of management, supervisory board and the accountant of Ceteco. The company claimed mismanagement led to the bankruptcy. Hagemeyer owned 65% of Ceteco.
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Though some are speculating that the judgment may affect Rexel's deal with Hagemeyer in the form of a reduced offer or a rescinding of the offer overall, a Hagemeyer spokeswoman told Reuters that the case was not news to Rexel. They know about this. This court case ...

Private Equity Firm Buys Weyerhaeuser’s Distribution Center

Roark Capital Group, an Atlanta-based private equity firm, has completed its acquisition of Weyerhaeuser's Distribution Center, south of Boston in Assonet, MA. WDC is a wholesale distributor of building products, with a specialization in engineered wood products.
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The operations of WDC have been acquired by a subsidiary of Wood Structures, Inc., a company owned by affiliates of Roark Capital. Based in Biddeford, ME, Wood Structures is a manufacturer and designer of manufactured wood products, including roof trusses, floor trusses and wall panels, and distributor of engineered wood products, which are used in residential and commercial buildings.
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WDC is very complimentary to Wood Structures," said Lawrence J. DeAngelo, managing director at Roark. "This ...

3M Expects Earnings Growth in ’08

At an institutional investor and analyst meeting in New York, 3M, St. Paul, MN, said it expects double-digit earnings growth in 2008.
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Sales are also expected to grow at double-digit rates, with organic local currency growth of 5 to 8% and acquisitions adding more than 3%.
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Our growth agenda is taking hold, with more of our businesses growing at accelerated rates," CEO George Buckley said. "We have done much to bolster our growth capability in the past two years, and it is paying off."

Buckley reaffirmed the company's commitment to strengthening its traditional core businesses and franchises through investment in R & D, "tuck-in" acquisitions and supply chain optimization. He also expects growth in emerging economies, which has exceeded 19% ...

WinWholesale Opens Plumbing Location in Florida

WinWholesale Inc., Dayton, OH, has opened Orlando Winnelson Co. in Orlando, FL, to serve contractors in a four-county area with plumbing equipment, supplies and accessories. &nbsp ;

The locally owned and operated company includes a warehouse, display area and sales counter serving contractors in new construction, remodeling and replacement work.

WinWholesale has opened 17 locations in its various Win company wholesaling industries and the Noland Company subsidiary in 2007.
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Six of those locations are plumbing operations, including another Florida location in Vero Beach. The rest are in HVAC, electrical, industrial pipes, valves and fittings, and waterworks and utility supplies. ...

Titan Machinery Announces IPO

Titan Machinery Corp., Fargo, ND, has announced its initial public offering (IPO) of $58.7 million ($8.50 per share). Proceeds will be used to fund acquisitions, working capital and repayment of debt.
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Titan operates a 36-store network of full-service agricultural and construction equipment stores in North America. The companies the world's largest distributor of Case IH Agriculture equipment and a major retail dealer of New Holland Agriculture, Case Construction and New Holland Construction equipment in the ...

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