The 2020 Mid-Year Economic Update_long

Day: April 22, 2008

Platinum Equity Increases Bid for IDG

The bidding war for industrial distributor Industrial Distribution Group Inc., Atlanta, GA, continues, but without WESCO. Pittsburgh, PA-based electrical distributor WESCO has dropped its bid for IDG, according to a statement released this morning.
 
 
Platinum Equity, the original victor with its offer of $10.30 per share for the distributor, has upped its bid to $11.80 per share in cash in response to WESCO Distribution's earlier bid of $11.75.
 
IDG has until 5 p.m., Eastern Time, today (Tuesday) to accept the price or the offer from Platinum Equity will expire.
 
IDG's Board of Directors have decided to accept Platinum's offer if it does not receive a superior offer from Luther King Capital Management by 3 p.m., Eastern Time, today ...

Rockwell Automation Agrees to Buy Incuity Software

Rockwell Automation, Inc., Milwaukee, WI, has agreed to buy Incuity Software, Inc., Mission Viejo, CA, a supplier of Enterprise Manufacturing Intelligence software.
 
Incuity Software has more than 45,000 seats of its products installed in more than 40 countries in 13 languages. The Incuity Software management team and their employees will become part of Rockwell Automation's Architecture &Software operating segment.
 
As the demand for Enterprise Manufacturing Intelligence rapidly grows, this acquisition supports our commitment to expand the FactoryTalk software suite and enhance our plantwide information strategy to meet customers'evolving needs,"said Steve Eisenbrown, senior vice president of the company's Architecture &Software segment.
 
Rockwell ...

Parker Hannifin Organic Growth at 4.4% in 3Q

Cleveland, OH-based Parker Hannifin, supplier in motion and control technologies, reported sales in the third quarter 2008 were up 14.4% to $3.2 billion. Profit was up 22% to $255.4 million.
 
Organic growth was 4.3%.
 
In the Industrial North America segment, third-quarter sales increased 3.7% to $1.1 billion.
 
In the Industrial International segment, third-quarter sales increased 32.2% to $1.3 billion.
 
In the Aerospace segment, third-quarter sales increased 7.7% to $470.1 million. During the quarter, this segment was awarded a $2 billion long-term contract to supply the fuel package and hydraulic system for the new Airbus A350 XWB aircraft.
 
In the Climate &Industrial Controls segment, third-quarter sales increased 0.5% to ...

Anixter Sales Grow 11% in 1Q

Anixter International Inc., Glenview, IL, distributor of communication products, electrical and electronic wire &cable and a distributor of fasteners and other small parts to Original Equipment Manufacturers, reported sales of $1.47 billion in the first quarter 2008, up 11%. Sales included $12.3 million from acquisitions.
 
Profit in the quarter was up 8% to $57.7 million, from $53.6 million the prior-year period.
 
More details here ...

Getting Sold on Green

Environmental sustainability in distribution center facilities is a growing trend, according to Bob Shaunnessey, executive director of the Warehousing Education and Research Council, which recently released its 2007 Facilities Trends Report.
 
In the spirit of Earth Day -Tuesday, April 22 -some of the changes distribution and manufacturing companies are making: recycling more materials, switching out bathroom facilities to use less water per flush, using less packaging to ship their products and asking suppliers to use less packaging so there is less waste. They are putting in more energy-efficient lighting, and installing motion sensors so that when no one is in a particular area, the lights stay off.
 
I think 'the right thing to do' set the stage for the ...