The 2020 Mid-Year Economic Update_long

Day: February 22, 2008

European Commission Approves Acquisition of Hagemeyer

The European Commission has authorized Rexel's proposed acquisition of Hagemeyer's European assets, finalizing antitrust approvals sought by both Rexel and Sonepar in their acquisition of Hagemeyer.
The commission is requiring Rexel divest Hagemeyer's electrical wholesale business in Ireland, representing €40 million in sales.
In November 2007, Rexel and Hagemeyer reached an agreement for Rexel to buy the Dutch electrical distributor for roughly US$4.5 billion. Rexel will then sell Hagemeyer's North American, Asian-Pacific and selected European businesses to Sonepar.
The overall transaction will combine the strengths of three major players in the distribution of electrical supplies. The transaction will broaden Rexel's footprint across ...

Lincoln Electric Sales Up 15.7% in 2007

Welding product manufacturer Lincoln Electric Holdings, Inc., Cleveland, OH, reported sales in 2007 increased 15.7% to $2.28 billion. Profit in 2007 was up 15.8% to $202.7 million.
The company's North American operations had sales of $1.4 billion in 2007, an increase of 7.3%. U.S. export sales increased 26.2% to $194.5 million. Lincoln operations outside of North America had sales of $879.4 million, an increase of 32%. In local currencies, sales for the company's international operations increased 18.8%.
In the fourth quarter, sales were up 14.7% to $580.3 million. Profit was down 4.4% to $49.5 million. Sales for the company's North American operations were $345.1 million in the quarter, an increase of 8.1%. U.S. export sales in the quarter increased 11.2% to ...