The 2020 Mid-Year Economic Update_long

Day: March 12, 2008

Hagemeyer Expands in South Carolina

Electrical supplies distributor Hagemeyer is expanding to accommodate business growth in the Greenville-Spartanburg area. The new location in Greenville adds to Hagemeyer's 300 locations across the U.S.
 
We are excited about this strategic location,"says Chris Union, Hagemeyer's executive VP, Contractor &Installer segment. "This is a larger facility and is much better placed to support our electrical customers. The facility is designed around our new counter sales model, allowing customers to get in and out quickly."
 
The new Hagemeyer location has a 4,000 square-foot product display and customer counter area and a 10,000 square-foot warehouse stocking thousands of products. Trained product specialists and customer service support personnel also will be ...

Bossard Group Sales Rise 7.4% in 2007

Swiss fasteners distributor Bossard Group reported sales in 2007 were up 7.4% to CHF 601 million (US$587.9 million at current exchange rates) from the year before. The sales increase is due to organic growth.
 
Sales in Europe were up 16.3%, with strongest gains in Southern Europe (+37%), and Eastern Europe (30%).
 
In the U.S. sales fell 3%. The company reported: The restructuring program launched in fall 2006 was completed on schedule and within budget at end 2007. It is already showing results: Costs were cut by 29% and the scattered U.S. operations concentrated, thus reducing company locations by two-thirds." The 3% sales decline was better than the company's forecast 10-11% fall.
 
In Asia, sales rose by 7%, with the highest growth in Bossard China. ...

Wholesalers’ Confidence Drops in Latest Small Business Research Survey

Concerns about the economy and a steep drop in plans for hiring led to a steep decline in the confidence of distribution and wholesale companies during the fourth quarter of 2007, according to the latest Small Business Research Board report.
 
The study indicated that the Distribution &Wholesale Small Business Confidence Index dropped to 31 during the fourth quarter or 10 points (nearly 25%) from the 41 recorded during the prior quarter. The third quarter 2007 report was the first wholesale and distribution industry confidence index issued by the Small Business Research Board.
 
Declines in two of the three major categories comprising the confidence index contributed to the lower fourth quarter results.
 
Of the respondents, 24% said they believed the ...

Alcoa Acquires Fastener Manufacturers

New York-based Alcoa Inc. has acquired Republic Fastener Manufacturing Corp. and Van Petty Manufacturing. The two aerospace fastener manufacturing businesses are in Newbury Park, CA, and employ a combined 240 people.
 
Since it was founded in 1968, Republic has maintained its focus on the super standard" end of the aerospace fastener locknut product line. Along with its "Boots Aircraft Division"acquired from Cherry Fasteners in 1989, Republic offers a wide variety of sheet metal and wrenchable aerospace fasteners used by every major airframe manufacturer around the world.
 
Van Petty has been producing high performance precision aerospace fasteners used primarily by engine &equipment manufacturers since 1943. Their products include a variety of specialized ...

RBC Bearings Acquires AID Corp. & BEMD Inc.

RBC Bearings Inc., Oxford, CT, manufacturer of precision plain, roller and ball bearings for the industrial, defense and aerospace industries, has acquired A.I.D. Corporation and BEMD, Inc. for $5.9 million in cash and assumed liabilities.
 
AID/BEMD, in Clayton and Canton, GA, respectively, manufacture integrated bearing assemblies and aircraft components for the commercial and defense aerospace markets. The two companies generated combined revenues of $12 million for the year ended Dec. 31, 2007.
 
RBC Bearings operates 20 manufacturing facilities in four ...