The 2020 Mid-Year Economic Update_long

Day: January 28, 2008

SYSCO Sales Up 7.8% in 2Q

Food product distributor SYSCO Corp., Houston, TX, reported sales for the second quarter 2008 ended Dec. 29, 2007, were up 7.8% to $9.24 billion. Profit was up 7.1% to $264.1 million from the prior-year period.
Food cost inflation, as estimated by the change in SYSCO's cost of goods, was 5.9% for the quarter.
In the first half, sales increased 8.1% to $18.65 billion, and profit grew 11.4% to $531.1 million. Food cost inflation, as estimated by the change in SYSCO's cost of goods, was 5.9% for the first half of fiscal 2008.
For the fiscal year 2007 ended June 30, 2007, the company had more than $35 billion in ...

Gexpro to Buy Beacon Electric

Gexpro has agreed to acquire Beacon Electric Supply, San Diego, CA. The acquisition is Gexpro's first since Rexel bought the company. Gexpro was GE Supply.
Beacon Electric has sales of more than $50 million. The company has branches in San Diego and San Marcos.
Beacon will continue to operate under the Beacon Electric Supply name.
Gexpro has more than 170 locations in the U.S. and ...

Carlisle Companies Buys Foodservice Supplier

Diversified global manufacturer Carlisle Companies Inc., Charlotte, NC,  has acquired Dinex International, Inc., a supplier of foodservice products to the healthcare and other institutional industries. With annual sales of $85 million, Dinex supplies traytop smallwares, dishware, disposable lids and packaging as well as heating and meal delivery systems.
The company has facilities in Glastonbury, Connecticut and Batavia, IL. The business will operate within Carlisle FoodService Products.
Dinex distributes its products through foodservice distributors serving the healthcare sector, including hospitals, nursing homes and other care and assisted living facilities.
This acquisition complements Carlisle's core foodservice product categories and ...

Black & Decker: Housing Slump to Go Through 2008

Black &Decker Corp., Towson, MD, reported sales for the fiscal year 2007 were up 2% to $6.6 billion. Profit for the year was $518.1 million, up from $486 million in the prior year.
For the fourth quarter 2007, sales were up 3% to $1.7 billion. Profit was $187.4 million, up from $95.7 million in the prior-year quarter.
Business conditions continued to deteriorate during the fourth quarter of 2007," said Nolan D. Archibald, CEO. "For the year, U.S. housing starts were down approximately 25% and we encountered severe commodity cost pressure, both significantly worse that we expected early in 2007.
"… While demand in our U.S. markets has been weak, we are pleased with the outstanding results in our international businesses and our sixth straight ...